FX.co ★ Russian banks in charge of money laundering

The managing boards of two Russian banks were accused of violating the Federal Law On Combating Legalization (Laundering) of Criminally Gained Income and Financing of Terrorism. The Bank of Russia has pressed a charge against Eurasian Bank and Housing Finance Bank and brought them to administrative responsibility. According to the report released on the central bank’s official website, the members of executive were involved in illegal activity which took place on the territory of the Russian Federation. The report says on the wrongdoings, which are under Article 15.27 of the Code of Administrative Offences of the Russian Federation. To date, the accusations were made in compliance with the first part of the article. The court sided with the plaintiff and brought in a guilty verdict. Eurasian bank received a warning letter for now, and the corresponding ruling has entered into force. It has not been announced yet whether the lawyers of these financial institutions would appeal and challenge the decision in a higher court.