Russia’s Customs is suing the
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.
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges