Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Image
Amsterdam_Zuidoost_ING-Bank_02_PM07
- Credit: ING building in Amsterdam Zuidoost (Picture: Wikimedia Commons/Pieter Delicaat)
Business
Crime
Russia
Russian money laundering scheme
Global Laundromat
money laundering
ING Groep N.V.
Amsterdam Trade Bank
OCCRP
HSBC
United Kingdom
United States
Dankse Bank
Denmark
Bank of China
China
Tuesday, March 21, 2017 - 07:54
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

Dutch banks accused of aiding Russian money laundering scheme

Dutch banks ING and Amsterdam Trade Bank are listed with 730 other banks as financial institutions that helped Russian criminals launder money, international investigative journalist collaboration OCCRP revealed. A total of 19 billion dollars were laundered through these 732 banks between January 2011 and October 2014, according to the group, AD reports. 

The OCCRP linked the cash flows to a network called 'Global Laundromat'. The group released documents containing about 70 thousand banking transactions. According to the group, ING laundered 2.4 million dollars. The amount that went through Amsterdam Trade Bank is unclear. 

Britain seems to play host for most of these money laundering activities. A total of 1,920 British firms are involved in the Global Laundromat, according to OCCRP. British bank HSBC was used to launder 545 million dollars through a HSBC branch in Hong Kong. 373 American companies are named. The biggest amount was laundered through the Dankse Bank in Denmark, more than 1.2 billion dollars. The Bank of China comes in second place with 717 million dollars. 

According to The Guardian, the money was laundered through two entities that supposedly lent money to each other, signed by Russian business enterprises. A bank then granted Russian companies permission to transfer money to an account in Moldova, from where the money was channeled into the EU. It often ended up in a postbox firm.

According to the OCCRP, it is unclear whether the banks were aware of the criminal activities. The OCCRP was also responsible for the publication of the Panama Papers. 

Follow us:

Latest stories

  • Feyenoord: Bijlow will start in goal for Conference League final
  • Nearly 64,000 Ukrainians now registered in the Netherlands
  • Fruit and veg prices rise 12 percent
  • FvD politicians give Antisemitic channels a wider reach: report
  • Tourist sites get most attention on Google Street View; Netherlands ranks 20th globally
  • Fewer than 425 Covid-19 patients in hospitals; Infection average drops to 46-week low

Top stories

  • Summer strikes at Schiphol if workload remains high: trade union
  • Schiphol crowds expected to continue; Airport boss leaves World Economic Forum early
  • Dutch gov't to spend €220 million on more Air France-KLM shares
  • Discrimination complaints against Dutch gov't more than doubled
  • Angry passengers afraid to miss flight cause "threatening situation" at Schiphol
  • Monkeypox found in six people in the Netherlands so far, RIVM says

© 2012-2022, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content