Three bizarre schemes used by some rich Russians to launder money

March 29, 2017

Nearly $21 billion left Russia under dubious circumstances in 2011-2014, via Moldova and Latvia. This money laundering conduit was exposed in an investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and newspaper Novaya Gazeta, published on March 20.

Foreign dummy companies signed fictitious loan agreements, and Russian and Moldovan companies acting as the guarantors were then “forced” to repay the fake loans following court bankruptcy proceedings. Thus, money left Russia in the form of “loan repayments.”

With ever an eye to sending their money abroad, rich Russians constantly devise money laundering schemes to circumvent state regulations restricting the export of capital.