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U.K. Businesses in Spotlight in Massive Money Laundering Scheme

Roberta Holland | October 22, 2014

A sweeping investigation into a £12.5 billion money laundering operation has put the spotlight on 19 different businesses in the United Kingdom that may have been used as fronts in the scheme.

The investigative report by the newspaper The Independent and non-profit Organised Crime and Corruption Reporting Project (OCCRP) detailed what it called one of the largest money laundering operations in Europe.

The report published last week said the U.K. companies were used as fronts to help launder nearly $20 billion in dirty money from Russia. The complex scheme involved ghost companies, set up by legitimate agents in the U.K., which would then borrow money from each other or make phony...

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