Money laundering taking heavy toll on Russian economy

Tourism

Russia lost 413 million rubles ($16 million) in the first five months of 2007 as a result of money laundering, an Interior Ministry official said Tuesday.

Yevgeny Shkolov, head of the ministry's economic security department, said his unit alone tracked down some 2,680 money-laundering incidents between January and May of this year - a 14% increase year-on-year. The total number of such crimes detected across the nation was 4,390, he said. “Some 4,390 crimes related to money laundering were tracked in the Russian Federation in the first five months of this year, including 1,257 on a large scale,” Shkolov said. (rian.ru)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Travel