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Banking leak reveals network with links to Prince Charles

The resource told that "money flowing through the network included cash that can be linked to some of the most notorious frauds committed during Vladimir Putin’s presidency"
14:46, 5 March 2019

Ruben Vardanyan with Prince Charles
The Guardian

A charity run carried out by Prince Charles got donations from an offshore company, which was used to funnel huge amounts of cash from the Russian Federation in a scheme investigated by the prosecutors, as The Guardian reported.

“Money flowing through the network included cash that can be linked to some of the most notorious frauds committed during Vladimir Putin’s presidency,” the news agency said.

In total, $4.6 billion was sent to Europe and the U.S. from a Russian operated network consisting of 70 offshore companies with accounts in Lithuania.

“The details have emerged from 1.3m banking transactions obtained by the Organized Crime and Corruption Reporting Project and the Lithuanian website 15min.lt,” the message says.

Related: Ukrainian politicians funneled 3,5 billion USD into offshores in 2018

It is considered one of the largest banking data leaks.

“There is no suggestion that end recipients of funds were aware of the original source of the money, which arrived via a disguised route. However, the documents indicate that criminal and legitimate money may have been mixed together, making it impossible to trace the original source, before passing through screen companies into the global banking system,” The Guardian informs.

Then, the cash was used legally – to pay private jets, luxury properties, holidays, football tickets and fees at the elite English private schools.

“This is the pipe through which the proceeds of kleptocracy flow from Russia to the west,” the anti-corruption campaigner Bill Browder commented.

Related: Ukraine cannot get out of crisis, as its economy working for foreign offshores

In addition, Browder has been trying to trace what happened to $230 million stolen from the Moscow tax office for years.

“The leak focuses on Troika Dialog, a leading Russian investment bank now merged with the country’s biggest high street bank. Emails reveal how certain managers at Troika kept money flowing through the pipeline for more than eight years, starting in 2004,” the news agency reports.

Then, an Armenian financier with close ties to Putin, a host of international celebrities and members of the British royal family Ruben Vardanyan was the boss of Troika.

Related: Domestic offshores - does Ukraine need industrial parks?

“There is no suggestion Vardanyan did anything illegal, though he may have been an unwitting beneficiary of the flow of money,” the message says.

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