The Russian Laundromat: one of the largest money laundering schemes uncovered by Latvian banks

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The Laundromat is a name coined by the Organised Crime and Corruption Reporting Project to a huge money-laundering scheme. Between 2010 – 2014, Russian officials moved billions of dollars illegally into Europe, the US and other countries. Law enforcement officers in Moldova and Latvia have tracked down at least $20bn in dirty laundered money, but the real figure remains unknown and could reach up to $80bn; all the involved in the scheme have yet to have been identified. The Laundromat was creative, as in many cases, it involved fictitious companies. Most were registered in London at the Companies House and involved Latvian banks charging the Russian account fictitious charges in order to import large quantities of undetected money.