International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Wednesday, August 10, 2016

Panama Papers Lead to Switzerland AML Investigation into Former Russian Banker Who Allegedly Walked Away With $2 Billion of Russian Government Bank Bail Out Funds

SwissInfo reports the incredulous story of Sergei Pugachev, called at one time "Putin's Banker", but The Russian President wants back $2 billion Russian government dollars that Pugachev allegedly pocketed that was meant to save a failing Russian bank.  France will not extradite him.  Pugachev allegedly laundered the proceeds through the Geneva-based Banque Societé Génerale, with the assistance of the Mossack Fonseca law firm of now Panama Papers fame.  

The newspaper reports revealed that Pugachev, a former Russian senator who later became known as “Putin’s banker”, is accused of having laundered some $700 million via Geneva’s Banque Societé Génerale. Those money laundering activities were brought to light via the Panama Papers, which revealed offshore banking data stemming from the Panamanian firm Mossack Fonseca.

https://lawprofessors.typepad.com/intfinlaw/2016/08/panama-papers-lead-to-switzerland-aml-investigation-into-former-russian-banker-who-allegedly-walked-.html

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