Revolut to offer local banking details worldwide within 3 to 6 years
- Thread starter JimmyWho
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No, you cannot make this up. Danske Bank is the biggest scandal so far, and the amount of money that "went through" their Estonian branch was absolutely unbelievable. Personally, I struggle to understand that the alarms did not sound loud in Copenhagen a long time before the bubble bursted.
One of the reason why this︁ happend was that the Baltic states are full of Scandinavian (and Nordic) Banks. In the︂ Nordic countries AML precedures have traditionally been relatively relaxed (societies with a high degree of︃ trust). Combine that with a large russian expat community and you are bound to get︄ into trouble.
One of the reason why this︁ happend was that the Baltic states are full of Scandinavian (and Nordic) Banks. In the︂ Nordic countries AML precedures have traditionally been relatively relaxed (societies with a high degree of︃ trust). Combine that with a large russian expat community and you are bound to get︄ into trouble.
I think you find its not a residency issue....lol its a Russian issue. They are ruthlessly efficient at money laundering. Wherever they pop up they launder money like its a sport or hobby. Look at what they did with i.e Cyprus and its banks. Just google "Cyprus russian money laundering" 😕. If they enter your countries financial system you only need to see past performance to determine how your︀ banks and financial service industry will end up. When local regulators failed to weed them︁ out then the US always does as it did with threatening Malta, Cyprus etc.
I would generally agree with that, except the part "ruthlessly efficient" 🙂 I think the reason there︀ is much talk about Russian money laundering connections is because the methods they use are︁ sort of outdated and rather primitive, and to be honest, the amounts they launder is︂ fairly small, compared to what's happening in the US and their Caribbean friends. Once Russians︃ start using same methods as their US colleagues (and they are starting on this way︄ already), they will fall under the radar for a while and pass this torch to︅ other developing countries... or not 🙂 All I'm saying, it's never this straightforward.
What about the Russian money launderers that have not been caught and operate already under the radar...lol? Media only focuses on those caught. May well be those caught are the small fish and the whales are still out there operating.
The Russian government itself has a history of money laundering btw. It hid $50bn in Jersey to avoid creditors during its bankruptcy. Money︀ laundering is a way of life in Russia...lol. Not to say other countries are any︁ better.
Riddle of Russian billions sheltered in Jersey account
The Russian government itself has a history of money laundering btw. It hid $50bn in Jersey to avoid creditors during its bankruptcy. Money︀ laundering is a way of life in Russia...lol. Not to say other countries are any︁ better.
Riddle of Russian billions sheltered in Jersey account
With some prior experience in Russian projects, I can confirm that stealing from the public is the way of life. This will possibly never change. Big part of why Russia stays in tact as a nation is what I'd like to call "theft allowance" - an unwritten rule.
Once the heads of rural areas lose personal access to incoming public funds deemed for public good, they will start to seek independence. Even with Sochi Olympics, funds went missing, delays were rampant, and Putin himself had to show up to keep "ratting" at bay. But even with his powers, he knows that he can't weed out︀ ratting completely without putting his nations integrity, and his presidency at risk.
Approximately 60% of︁ what Moscow issues for public spending in rural areas will be used according to plan.︂ Like a network of old pipes, the rest will leak somewhere in transition. Every middleman,︃ and heads of a municipalities will pocket some. That's how the country works.
On a︄ positive note, this generally does not harm non-Russians. Slimy funds from the EU, on the︅ other hand, are commonly bribes for an unfair corporate advantage, hidden somewhere in 500+ page︆ legislative changes: "who pays sets the rules", and competition does not know what hit them︇ until its too late.
Once the heads of rural areas lose personal access to incoming public funds deemed for public good, they will start to seek independence. Even with Sochi Olympics, funds went missing, delays were rampant, and Putin himself had to show up to keep "ratting" at bay. But even with his powers, he knows that he can't weed out︀ ratting completely without putting his nations integrity, and his presidency at risk.
Approximately 60% of︁ what Moscow issues for public spending in rural areas will be used according to plan.︂ Like a network of old pipes, the rest will leak somewhere in transition. Every middleman,︃ and heads of a municipalities will pocket some. That's how the country works.
On a︄ positive note, this generally does not harm non-Russians. Slimy funds from the EU, on the︅ other hand, are commonly bribes for an unfair corporate advantage, hidden somewhere in 500+ page︆ legislative changes: "who pays sets the rules", and competition does not know what hit them︇ until its too late.
They've already found much more spots for money laundering in the mainland EU and the UK︀ - it's pretty pointless to name each country.
From my experience dealing with the permits︁ for EMI's and PI's in countries like UK or Czech Republic, ownership and management of︂ regulated companies by Russians isn't perceived as factor that precludes negative decisions. At some point︃ not so long ago, there were over 250 small and authorized payment institutions regulated by︄ Czech National Bank owned or controlled by former CIS residents.
The fact is that Russians︅ are superior technology makers, especially in the FinTech field, so many EU "FinTech's" seem obsolete︆ in terms of their tech offering, and some features that were implemented years ago in︇ Russian banking apps are now being pitched by those FinTech companies as something very novel.︈
From my experience dealing with the permits︁ for EMI's and PI's in countries like UK or Czech Republic, ownership and management of︂ regulated companies by Russians isn't perceived as factor that precludes negative decisions. At some point︃ not so long ago, there were over 250 small and authorized payment institutions regulated by︄ Czech National Bank owned or controlled by former CIS residents.
The fact is that Russians︅ are superior technology makers, especially in the FinTech field, so many EU "FinTech's" seem obsolete︆ in terms of their tech offering, and some features that were implemented years ago in︇ Russian banking apps are now being pitched by those FinTech companies as something very novel.︈
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