Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Money Launderers, Corruption See A Coronavirus Advantage, Transparency International Warns

Money Launderers, Corruption See A Coronavirus Advantage, Transparency International Warns

On May 7, 2020, the European Commission issued an Action Plan to strengthen the European Union’s legal framework to fight against money laundering following a wave of recent high-profile money laundering scandals at European banks. This in the tail end of a pandemic.
German lawmaker Peter Beyer sent a request to Cyprus’ Minister of Finance to investigate how the Ananyevs got their passports and visas there, which were likely investor visas similar to the U.S. EB-5 program. Cyprus is a haven of Russian money laundering and tax evasion.

Beyer says he’s going to raise the issue in Brussels now, using the ex-PSB bank founders as an example to others.

“The (PSB) case at hand is transnational and involved four American banks, a few European, Cypriot and many offshore companies,” Beyer said in an email interview. “Germany and the EU are taking the issues very seriously.”

Beyer said that U.S. representatives of ex-PSB account holders approached him and brought the case to his attention. He then brought it to the attention of London, including the Home Office, the equivalent of their Homeland Security, which manages immigration.

PSB’s lawyers did not respond to a request for comment sent out last week. Alexei Ananyev’s lawyer did not respond to request for comment. The request also sought information on Dmitri’s lawyer. He no longer maintains the same London lawyer he had a year ago.

The breakup of PSB has been a massive headache for the Ananyevs. They lost an arbitration panel in Moscow for 282 billion rubles ($4.3 billion), where former executives and top managers of the bank were also fined. The Moscow case sought to recoup “losses from individuals who controlled the bank before December 15, 2017,” adding that it was the Ananyev’s “ill-judged and senseless acts” that resulted in losses and illegal transfers of funds to offshore accounts, money that could have been returned to its account holders.

Beyer is advocating for the people listed as offshore LLCs and holding companies directors to be held liable for financial fraud just like the owners of capital.

In theory, independent directors running multiple LLCs would face the same legal risks as those depositing the money into the firms they’re managing. That might make money laundering and tax evasion more difficult.

Pandemic or not, the United Nations estimates that the amount of money laundered through the financial system each year is between $800 billion and $3 trillion.

Due to the pandemic, it appears that law enforcement and lawmakers in the U.S. and Europe, with Germany in particular, seem to have much less patience and will be trying to ensure the integrity of the Western financial system. As a result, harsher sentences for the perpetrators will be meted out, with less tolerance for money laundering and tax evasion — especially at a time when governments are dishing out trillions in coronavirus relief aid.

“We have seen a number of cases where organized crime illegally obtained access to money intended to help those through the pandemic,” says Beyer. “It’s money that was supposed to help companies from going out of business. The pandemic seems to offer more ways to abuse the system.”

The Ananyev brothers weren’t abusing the pandemic. Their fallout happened long before the new SARS was a headline, but they may be as good example as any that you can run but you cannot hide from the coronavirus, and you can’t postpone or delay law enforcement targeting money laundering and other financial crimes, either.

“We have a court hearing in Holland” says Lender. “Hopefully it won’t be rescheduled because of this. I think justice will be swift and timely.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×