Investigation Exposes Bulgarian Role in Massive Russian Money-Laundering Operation

Bulgarian brokerage firms have been implicated in an international investigation into a Russian money-laundering scheme. According to Intelligence Online, as reported by BGNES, two Bulgarian intermediaries were involved in moving tens of millions of dollars through a web of shell companies.

The transactions, which also passed through Poland, have been stopped, and one of the Bulgarian firms has already faced fines from local regulators. Intelligence Online notes that the probe into the movement of funds through the Bulgarian financial system is widening across multiple countries.

Further reporting by Forensic News and Hetq indicates that the scheme is extensive, involving dozens of interconnected fictitious companies, through which at least USD 20 billion was allegedly siphoned from Russia.