RUSSIA: Bank Owned By Former Republican House Rep Stripped Of License Over Money Laundering Violations

The Charlotte Observer reports:

A Russian bank owned by former North Carolina Congressman Charles Taylor has been accused of money laundering and lost its license. The Commercial Bank of Ivanovo “failed on multiple occasions to comply with Bank of Russia regulations” on money laundering “of criminally obtained incomes and the financing of terrorism,” the Bank of Russia said in a press release.

The bank lied about its assets and reserves, the central bank said, “in order to improve its financial indicators and conceal its actual financial standing.” The bank also artificially inflated its capital to make it look like it was in line with Russian regulations, the press release said. The Bank of Russia said it will forward its findings “bearing signs of a criminal offence to law enforcement agencies.”