U.K. to Probe Claims Laundered Russia Cash Handled by Banks
- HSBC allegedly handled about $545 million tied to network
- Guardian cites documents detailing 70,000 banking transactions
An employee loads Russian 500 ruble denomination banknotes into a counting machine at the Thomas Exchange Global Ltd. foreign currency exchange in London on Dec. 17, 2014.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
U.K. authorities will assess a report in the Guardian newspaper that almost $740 million of laundered cash from Russia passed through British banks, Treasury Minister Simon Kirby said.
The National Crime Agency and the Financial Conduct Authority will investigate where warranted, Kirby told lawmakers in the House of Commons in London on Tuesday after the allegations were raised by the opposition Labour Party.