The Survival Economist
Premiered Feb 5, 2022
Germany’s distressed Deutsche Bank faces penalties, legal action, and the possible prosecution of “senior management” because of its responsibility in a $20bn Russian money-laundering scheme, according to a confidential internal report.
Deutsche Bank was used to launder the money via its corresponding banking network – concretely permitting illegal Russian payments to be routed to the U.S., the European Union, and Asia. Shell companies, typically based in the U.K., “loaned” money to each other.
Companies then defaulted on this massive artificial debt. Corrupt judges in Moldova validated the debt – with billions transferred to Moldova and the Baltics via a bank in Latvia.
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The British daily newspaper The Guardian, published a confidential internal report in which the bank admits fears over major disciplinary action from The U.S. and The U.K. regulators, acknowledging that the scandal had hurt its “global brand” and was presumably to cause “client erosion” and a drop in market value.
Deutsche Bank is said to have been implicated in a massive money-laundering scheme, called the Global Laundromat, The Guardian reported. The scheme, used by Russian criminals with ties to the Kremlin and the old KGB and FSB, involved moving money into the western financial system between 2010 and 2014. According to the Guardian report, the cash involved could total $80 billion.
This is how Deutsche Bank was Laundering Billions of Russian Money called Global Laundromat – 20 billion: In the “Global Laundromat,” between 2010 and 2014, at least $20 billion of Russian money was laundered; Deutsche Bank again played an important role. In this scheme, the Latvian bank Trasta Komercbanka was used as the last point before the money was transferred across the globe.
Trasta needed a corresponding Western financial institute to process its dollar-denominated transactions. Two German banks became corresponding banks for Trasta: Deutsche and Commerzbank. There are, of course, connections from the Global Laundromat to Vladimir Putin.
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