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Tuesday, 23 August 2016

USD 10 bn funneled out of Russia through mirror trading scheme

‘How a scheme to help Russians secretly funnel money offshore unraveled’: The New Yorker’s Ed Caesar takes a look at a mirror trade scheme by Deutsche Bank that was used to expatriate money out of Russia. “Mirror trades are not inherently illegal… Viewed with detachment, however, repeated mirror trades suggest a sustained plot to shift and hide money of possibly dubious origin. Deutsche Bank’s actions are now under investigation by the US Department of Justice, the New York State Department of Financial Services, and financial regulators in the UK and in Germany.” (Read Deutsche Bank’s USD 10 bn scandal)

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