Posted on 04/21/2019 4:28:48 AM PDT by NorseViking
Money looking for a route out of Russia and into the European Union appears to have found a crack in the banking system. Tens of billions of dollars have been laundered through mostly Baltic nations, swamping the outposts of Nordic banks.
It's been an ongoing headache for European authorities and regulators.
Now, a different issue entirely has raised the anxiety levels in European capitals.
Russia plans to move the headquarters of its development bank to Hungary. All told European authorities don't know the extent of the money-laundering problem. But a picture is emerging.
Around one trillion dollars has been moved out of Russia over the last 25 years by individuals and companies. This is not all illicit money. But that's money that has not returned to the country. Other sources of the money caught up in alleged money laundering include Moldova and Azerbaijan. The money has been moved via Malta, Cyprus, Estonia, Latvia and Lithuania.
In the biggest alleged money-laundering case, $230bn was transferred through the Danske Bank's Estonian branch between 2007 and 2015. Some of this money has been parked Into London's property market, Britain's offshore tax havens and villas in the south of France and Spain.
As the investigation has continued, it's drawn in banks across Europe, including Danske Bank, Swedbank, Nordea Bank, Deutsche Bank, Credit Agricole, Ing Groep, Raiffeisen Bank International, ABN AMRO, Rabobank, Citigroup, and the Royal Bank of Scotland.
Having failed to stem money laundering, Europe faces another dilemma: How does it respond to Viktor Orban's decision to allow Moscow to move its development bank to Budapest?
While the bank is in its infancy and Hungary has a minority stake, it has no say in the way the bank is run. It would effectively have diplomatic immunity,
(Excerpt) Read more at m.youtube.com ...
Julius Horvath, economics professor at the Central European University, says Orban wants this bank in his country because, "it really reflects changes in central European countries' strategical thinking ... Hungary in the last three to four years is emphasising the weakness of Western Europe, of opening towards the East, improving relations with the more dynamic part of the world. So this is one of those, so it's improving relations with Russia."
The purpose of this bank is to "have a good relations with Russia, to help Russians ease some of the sanctions ... so this type of gesture is political more than economic."
Population less than 0.05% muslim? A big NO to refugees? Bringing more money into the country? What’s not to like?
That kind of money moving out of Russia in a hidden way by this with such sums (i.e. with lots of insider knowledge of how Russia works and where things there are headed) is no a great sign for it’s economy. It is identical to rich Mexicans moving money out of their country as fast as they can.
So much for the Russian threat to U.S. dominance.
“...by this with such sums....”
should be “...by those with such sums....”
Orban is not a fool. The EU is crumbling. While the economy of Germany may still be chugging along, many recognize that if the slave labor gravy train of immigrants is cut, it would tank. Orban wants an ally who isn’t dependent on that slave labor.
He has a very small nation in a sea of big sharks.
Nobody says about dominance. At peak around 1983 Russia had about 1/3 of US economy. Today 1/15 nominally or 1/7 PPP.
I wonder if Europe wasn't better off when the Austro-Hungarian Empire still existed.
“One nation with two peoples, two flags, two capitals.”
Germany has already allied with Russia, so Hungary is doing the same in the financial sphere as a defensive measure.
It's called "Intermarium"
I read (not in the mainstream media of course) about a comedian with no political experience being elected as President of Ukraine. Do you know anything about that and its impact? Do western Ukrainian “little folk” want to stop colonization by Germany?
“” “” I read (not in the mainstream media of course) about a comedian with no political experience being elected as President of Ukraine. Do you know anything about that and its impact? Do western Ukrainian “little folk” want to stop colonization by Germany?”” “”
No. Westerners do not want to develop their country. Their idea is to have a passport which would allow them to move and work in EU.
A comedian is not a Western candidate although his statements indicatw he is not pro-Russian. He is certainly someone’s puppet though.
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