The Organized Crime and Corruption Reporting Project together with a Lithuanian news site and The Guardian exposed the “Troika Laundromat.” Investigative journalists coined the operation since Troika Dialog, the largest private investment bank in Russia, allowed the money-laundering. The investigation found out an enormous $9 Billion involved in the Troika Laundromat.
Money-laundering operations are transactions involving a secret and illegal transfer of money. It often involved private banks and businesses in helping in the concealment of the money-transfer. There a lot of reported cases of money-laundering to the point that it became alarming. A significant amount of illegal or ‘dirty’ money is forbidden to use since units can trace where it came. It’s the reason why criminals use money-laundering methods to use their money legitimately.
This money-laundering affects the economy of a country. Local government units made different laws and policies to prevent further illegal money transactions. Investigations are getting tighter and tighter to ensure that there are no continuing act of illegal money-transfer
Involvement of Other Banks
Since money-laundering involves transferring the money through different banks or businesses, the laundromat involved a series of major banks. Citigroup, Raiffeisen, and Deutsche Bank are some of the backs involved in the laundering scheme. The journalists asked for statements from the three major banks involved in the exposed crime. However, the Citigroup refused to give a comment regarding the matter. On the other hand, both Raiffeisen and Deutsche Bank denied the accusations.
Raiffeisen Bank International (RBI) said that there are ongoing investigations inside the process in their system. Deutsche Bank insisted that they regulated customers’ actions before processing their requests.
However, the primary suspect, Troika Dialog, also denied the money-laundering operation. Ruben Vardayan, president of Troika Dialog, rejected the accusations of the investigative journalists.
The Guardian is one of the journalist sites, which leaked the data.
The Troika Laundromat was the reason behind a $4.8 billion money transfer from Europe and the US since 2013. Seventy-five foreign and overseas companies are involved in this money operation.
This fact was part of the leaked data, which involves 233 companies transacting $470 billion money-transfer in 1.3 million transactions.
Furthermore, the investigations found out that companies and people involved in illegal transactions use fake identities. They often used poor people’s identities to protect their well-being and reputation.
Russian politicians and wealthy people used laundered money in many ways for their benefit. The OCCRP reported that they often used the money to buy real state, yachts, and even pay medical bills.
The Guardian also reported an indirect involvement of Prince Charles in the case. They found out that in three consecutive years, vehicle fundraising for Prince Charles involved $200,000 from the laundromat.
They also added that there are no reports in which Prince Charles accepted the money. The Prince’s foundation and Dumfries House Trust rebutted that they have guidelines in money transfer, which dissociates themselves from the laundering.
Further investigations will continue, and journalists are still waiting from other statements from the parties involved in the laundromat.