The Laundromat

Information about The Laundromat

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Afterwards, it was reported that $740 million had been processed by British banks as part of the scheme. On 20 March 2017 the British paper The Guardian reported that hundreds of banks had helped launder KGB-related funds out of Russia, as uncovered by the investigation named Global Laundromat. Among the banks facing scrutiny under the investigation were HSBC, the Royal Bank of Scotland, NatWest, Lloyds, Barclays and Coutts. HSBC was listed among the 17 banks in the UK that were “facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers,” as HSBC “processed $545. 3m in Laundromat cash, mostly routed through its Hong Kong branch. ” The Royal Bank of Scotland “handled $113. 1 million” in Laundromat cash. Coutts, owned by RBS, had “accepted $32. 8m worth of payments via its office in Zurich, Switzerland. ” NatWest, also owned by RBS, was named for allowing through $1. 1 million in related funds. The Guardian reported that around 500 people were suspected of being involved, many of whom were wealthy Russians.