March 23, 2023

The Moscow-City Laundromat


The Moscow-City Laundromat
Moscow-City in February fog  Gennady Grachev, Around Moscow, Wikimedia Commons 

Transparency International Russia, a well-regarded anti-corruption NGO, discovered that several crypto exchanges that are operating in Moscow-City, the main commercial district of Russian capital, are offering services for withdrawing funds from Russia to the UK anonymously. 

Investigators conducted a series of undercover interviews and established that at least eight crypto exchangers are ready to exchange USDT stablecoins for pounds sterling with the opportunity to receive them in cash in London. One of these exchanges, Suex was sanctioned by the US for money laundering back in 2021. 

According to Transparency International Russia (TI), the process of making a transfer is quite simple and is similar for all crypto exchangers. They deposit client funds in a specified crypto wallet, after which the crypto exchange operator assigns the time and date of a courier delivery to the specified address in London.

Not a single crypto exchange requests an identity document from customers. This directly violates the British anti-money-laundering legislation. "This presents a significant money laundering risk and is illustrative of how the financial system is open to exploitation by criminals and corrupt officials looking to launder their ill-gotten gains," investigators note.

This is not the only TI investigation into money laundering in Russia. Previously, TI found a money-laundering scheme being run by Gazprom, Russia's state-owned gas giant, and they also published a podcast on money-laundering via real estate. 

Therefore, it is not surprising that Russian authorities have targeted the anti-corruption organization: recently TI, an NGO that has headquarters in Berlin, was recognized as an "undesirable organization" in Russia, and its employees were banned from working in Russia under threat of criminal prosecution. Because of this, TI Russia, the Moscow based NGO, which previously was included in the register of "foreign agents," was forced to shutter its legal entity.

 

You Might Also Like

Russians Getting a Raise?
  • December 08, 2022

Russians Getting a Raise?

In a November 30 speech, President Vladimir Putin said the next big challenge for his government will be raising the economic well-being of Russians.
A Bite from a Billionaire
  • September 10, 2022

A Bite from a Billionaire

For the first time, a Ukrainian court has ruled to confiscate the assets of a Russian billionaire.
Like this post? Get a weekly email digest + member-only deals

Some of Our Books

The Little Golden Calf

The Little Golden Calf

Our edition of The Little Golden Calf, one of the greatest Russian satires ever, is the first new translation of this classic novel in nearly fifty years. It is also the first unabridged, uncensored English translation ever, and is 100% true to the original 1931 serial publication in the Russian journal 30 Dnei. Anne O. Fisher’s translation is copiously annotated, and includes an introduction by Alexandra Ilf, the daughter of one of the book’s two co-authors.
The Pet Hawk of the House of Abbas

The Pet Hawk of the House of Abbas

This exciting new trilogy by a Russian author – who has been compared to Orhan Pamuk and Umberto Eco – vividly recreates a lost world, yet its passions and characters are entirely relevant to the present day. Full of mystery, memorable characters, and non-stop adventure, The Pet Hawk of the House of Abbas is a must read for lovers of historical fiction and international thrillers.  
Turgenev Bilingual

Turgenev Bilingual

A sampling of Ivan Turgenev's masterful short stories, plays, novellas and novels. Bilingual, with English and accented Russian texts running side by side on adjoining pages.
Survival Russian

Survival Russian

Survival Russian is an intensely practical guide to conversational, colloquial and culture-rich Russian. It uses humor, current events and thematically-driven essays to deepen readers’ understanding of Russian language and culture. This enlarged Second Edition of Survival Russian includes over 90 essays and illuminates over 2000 invaluable Russian phrases and words.
At the Circus (bilingual)

At the Circus (bilingual)

This wonderful novella by Alexander Kuprin tells the story of the wrestler Arbuzov and his battle against a renowned American wrestler. Rich in detail and characterization, At the Circus brims with excitement and life. You can smell the sawdust in the big top, see the vivid and colorful characters, sense the tension build as Arbuzov readies to face off against the American.
The Little Humpbacked Horse (bilingual)

The Little Humpbacked Horse (bilingual)

A beloved Russian classic about a resourceful Russian peasant, Vanya, and his miracle-working horse, who together undergo various trials, exploits and adventures at the whim of a laughable tsar, told in rich, narrative poetry.
The Samovar Murders

The Samovar Murders

The murder of a poet is always more than a murder. When a famous writer is brutally stabbed on the campus of Moscow’s Lumumba University, the son of a recently deposed African president confesses, and the case assumes political implications that no one wants any part of.
The Latchkey Murders

The Latchkey Murders

Senior Lieutenant Pavel Matyushkin is back on the case in this prequel to the popular mystery Murder at the Dacha, in which a serial killer is on the loose in Khrushchev’s Moscow...
Bears in the Caviar

Bears in the Caviar

Bears in the Caviar is a hilarious and insightful memoir by a diplomat who was “present at the creation” of US-Soviet relations. Charles Thayer headed off to Russia in 1933, calculating that if he could just learn Russian and be on the spot when the US and USSR established relations, he could make himself indispensable and start a career in the foreign service. Remarkably, he pulled it of.
Tolstoy Bilingual

Tolstoy Bilingual

This compact, yet surprisingly broad look at the life and work of Tolstoy spans from one of his earliest stories to one of his last, looking at works that made him famous and others that made him notorious. 
How Russia Got That Way

How Russia Got That Way

A fast-paced crash course in Russian history, from Norsemen to Navalny, that explores the ways the Kremlin uses history to achieve its ends.

About Us

Russian Life is a publication of a 30-year-young, award-winning publishing house that creates a bimonthly magazine, books, maps, and other products for Russophiles the world over.

Latest Posts

Our Contacts

Russian Life
73 Main Street, Suite 402
Montpelier VT 05602

802-223-4955