Tuesday, July 18, 2017

The Eighth Man - Part 2

Kaveladze immigrated to the U.S. from the former Soviet republic of Georgia in 1991.

Federal investigators say Kaveladze immediately began laundering money for Russians.


Kaveladze was the president of International Business Creations, a Delaware corporation. Between 1991 and 2000, IBC and sister corporation Euro-American moved $1.4 billion from Eastern Europe through U.S. banks and back to Europe, the Government Accountability Office found in 2000. Kaveladze was not named in the report, but he was reportedly identified as its accused figure. “What I see here is another Russian witch hunt in the United States,'' Kaveladze told the New York Times in 2000 about the allegations.

  Daily BEast
Pardon me if I notice the term "witch hunt". It sounds so familiar.

Please, go on.
“The president of IBC told us that the bank accounts were formed to move money out of Russia,” the GAO report reads, apparently referring to Kaveladze. It adds that he confirmed he’d misled the banks about the due dilligence he’d done in investigating the banks.

“He also told us that Euro-American is currently being liquidated due in part to concerns about money-laundering issues that were raised in 1999 when the media reported allegations that Russian organized crime had laundered billions of dollars through the Bank of New York,” the report said.

The report concluded that it is “relatively easy” for foreigners to hide identities and funnel money to the U.S., due in part to the failure of Citi and BONY’s failure to implement “know your customer” policies.
Trump voters could be said to have that problem, as well.

...but hey, do what you want...you will anyway.

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