Wednesday, December 13, 2017

The Shady Bank Where This Russian NBA Owner Stashed Money



The Russian oligarch who owns the Brooklyn Nets basketball team stashed money in a bank the U.S. Treasury Department has accused of facilitating money laundering, weapons proliferation, sanctions evasion, organized crime, and financing a terror group, a report obtained by The Daily Beast reveals.

Mikhail Prokhorov, whose fortune is estimated at nearly $9 billion, ran for president of Russia against Vladimir Putin in 2012 in a stage-managed campaign sanctioned by the Kremlin.

As the sole owner of the Barclays Center sports arena in Brooklyn, he has dined with the likes of Jay-Z and former New York City Mayor Michael Bloomberg. He’s a frequent guest at the Four Seasons Hotel and is a fixture on the New York social scene.

But a 2014 “confidential” report written by the Central Bank of Cyprus (CBC) found that the wealthy Russian, a so-called politically exposed person—finance parlance for government officials, candidates, and their relatives who are deemed to be at a higher risk of bribery or money laundering—kept 23 accounts at FBME Bank Ltd., formerly known as the Federal Bank of the Middle East.

All 23 of the Prokhorov accounts had been set up by “front men,” according to the CBC report, and FBME was found not to have complied with Cyprus’ own anti-money-laundering law in accepting the deposits.

The bank was shuttered in May of this year following a U.S. Treasury Department statement noting that it was used to facilitate a host of international financial crimes, including money laundering on behalf of sanctioned regimes and non-state actors.

https://www.thedailybeast.com/the-shady-bank-where-this-russian-nba-owner-stashed-money

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