Germany seizes millions in Russian money laundering probe

BERLIN — German authorities say they've seized properties worth 40 million euros ($45 million) and millions more in cash in an investigation linked to a big Russian money laundering scheme.

Federal investigators and Munich prosecutors said in a statement Wednesday the seizures of properties in central and southern Germany came after three years of investigating three individuals, whose identities weren't released. Some 6.7 million euros was also seized from German banks and another 1.2 million euros from a Latvian bank.

Prosecutors allege "income from money laundering in connection with the so-called Russian Laundromat was invested in high-value real estate" in Germany.

They say the scheme involved moving some $22 billion from Russia into Europe through banks in Moldova and Latvia using fictitious companies.

Neither police nor prosecutors were available for further details.

You may also like these

Australian Senate to vote in June on corporate...

May 28, 2018

The Australian government has announced the Senate will vote in June on cutting corporate tax rates...

Australian Senate delivers $106 billion in income...

Jun 21, 2018

Australia's prime minister has won a political victory with the Senate passing personal income tax...

Huawei executive warns Australia risks economy...

Jun 27, 2018

A Huawei executive says Australia could damage its economic future if it bans the Chinese...

Asian stocks climb on signs US rate hike off...

Aug 18, 2016

Asian stocks rose Wednesday after Wall Street edged higher on news the U.S. Federal Reserve is in...

China tightens control of online news after...

Aug 19, 2016

The Chinese government is holding chief editors of news websites personally liable for content...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!