RegulationCorporate GovernanceRussia sues Bank of New York over money laundering claims

Russia sues Bank of New York over money laundering claims

Russian customs authority claims the Bank of New York helped clients avoid taxes and duties; the bank says the claim is without merit and is frivolous

Russia’s Customs is suing the
Bank
of New York
for $22.5bn (£11.4bn) for its part in a money
laundering scheme that saw Russian banks defraud its government.

The Russian’s allege the Bank of New York was key in a laundering campaign in
the 1990s to help clients avoid Russian taxes and import duties obtained through
crime, reports The Times.

The suit follows from last year’s case where a former VP in the bank’s
Eastern European division, and her husband, pleaded guilty to conspiring to help
move $7bn to small US companies from Russian banks.

The couple were sentenced to six months’ house arrest.

The bank said it believed any suit would be totally without merit and vowed
to defend itself vigorously.

Further reading:

PwC retains Russian auditing license

PwC denies loss of Russian client is due to
Yukos battle

E&Y hired to advise on Yukos sale

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