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

Dostoyevsky Bilingual

Dostoyevsky Bilingual

Bilingual series of short, lesser known, but highly significant works that show the traditional view of Dostoyevsky as a dour, intense, philosophical writer to be unnecessarily one-sided. 
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.
Chekhov Bilingual

Chekhov Bilingual

Some of Chekhov's most beloved stories, with English and accented Russian on facing pages throughout. 
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.
Life Stories: Original Fiction By Russian Authors

Life Stories: Original Fiction By Russian Authors

The Life Stories collection is a nice introduction to contemporary Russian fiction: many of the 19 authors featured here have won major Russian literary prizes and/or become bestsellers. These are life-affirming stories of love, family, hope, rebirth, mystery and imagination, masterfully translated by some of the best Russian-English translators working today. The selections reassert the power of Russian literature to affect readers of all cultures in profound and lasting ways. Best of all, 100% of the profits from the sale of this book are going to benefit Russian hospice—not-for-profit care for fellow human beings who are nearing the end of their own life stories.
Fearful Majesty

Fearful Majesty

This acclaimed biography of one of Russia’s most important and tyrannical rulers is not only a rich, readable biography, it is also surprisingly timely, revealing how many of the issues Russia faces today have their roots in Ivan’s reign.
Maria's War: A Soldier's Autobiography

Maria's War: A Soldier's Autobiography

This astonishingly gripping autobiography by the founder of the Russian Women’s Death Battallion in World War I is an eye-opening documentary of life before, during and after the Bolshevik Revolution.
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.
A Taste of Russia

A Taste of Russia

The definitive modern cookbook on Russian cuisine has been totally updated and redesigned in a 30th Anniversary Edition. Layering superbly researched recipes with informative essays on the dishes' rich historical and cultural context, A Taste of Russia includes over 200 recipes on everything from borshch to blini, from Salmon Coulibiac to Beef Stew with Rum, from Marinated Mushrooms to Walnut-honey Filled Pies. A Taste of Russia shows off the best that Russian cooking has to offer. Full of great quotes from Russian literature about Russian food and designed in a convenient wide format that stays open during use.
Stargorod: A Novel in Many Voices

Stargorod: A Novel in Many Voices

Stargorod is a mid-sized provincial city that exists only in Russian metaphorical space. It has its roots in Gogol, and Ilf and Petrov, and is a place far from Moscow, but close to Russian hearts. It is a place of mystery and normality, of provincial innocence and Black Earth wisdom. Strange, inexplicable things happen in Stargorod. So do good things. And bad things. A lot like life everywhere, one might say. Only with a heavy dose of vodka, longing and mystery.
The Frogs Who Begged for a Tsar (bilingual)

The Frogs Who Begged for a Tsar (bilingual)

The fables of Ivan Krylov are rich fonts of Russian cultural wisdom and experience – reading and understanding them is vital to grasping the Russian worldview. This new edition of 62 of Krylov’s tales presents them side-by-side in English and Russian. The wonderfully lyrical translations by Lydia Razran Stone are accompanied by original, whimsical color illustrations by Katya Korobkina.

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