British banks were also a part of the large-scale Russian operation for money laundering through Moldova and Latvia in the period 2010 - 2014, showed data from an worldwide investigation, cited by The Guardian.
The Organized Crime and Corruption Reporting Project said that reporters from the group and the Novaya Gazeta newspaper in Moscow obtained bank records showing that funds were transferred worldwide via 112 bank accounts in Eastern Europe.
17 big banks of Great Britain are suspected of laundering huge sums of money from Russian Federation. Royal Bank of Scotland Group Plc, which is majority-owned by the United Kingdom government, processed $113 million, the newspaper said. It is reported, that for 4 years, since 2010 to 2014, more than 20 billion dollars were moved out of Russian Federation. The newspaper also cited Royal Bank of Scotland Group PLC, Barclays PLC, and Lloyds Banking Group PLC as processing sums involved in the scheme. Documents seen by the newspaper show that at least $20 billion appeared to have been moved out of Russian Federation during a four-year period between 2010 and 2014 in a scheme known as the Global Laundromat. Money was moved out to Moldova under the guise of implementation of court decisions.
The Guardian said it has seen documents suggesting at least USD20.00 billion was moved out of Russian Federation between 2010 and 2014 via 70,000 banking transactions, of which 1,920 went through United Kingdom banks.
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Transparency International executive director Robert Barrington, who was first alerted to the United Kingdom end of the so-called Laundromat when it was exposed by the Evening Standard and Independent newspapers in 2014, said: "There have been some small improvements in controlling money laundering, but fundamentally nothing has changed since".
Britain's National Crime Agency (NCA) said it was "willing to consider any formal request for assistance" in connection with the investigation.
"This case highlights the need for greater information sharing between the public and private sectors, each of whom holds important information the other does not", HSBC told the newspaper. The bank said it has systems in place to monitor transactions, flagging those that may be suspicious. Britain can not be a haven for the criminals of the world who are looking to hide their money.