Some of the $230 million at the heart of Europe’s widening money-laundering scandal was ultimately spent on Spanish real estate, according to anti-corruption prosecutors in Madrid.
Their investigation following a trail that originated in Russia broadens an inquiry that so far has concentrated on the Baltic states and Scandinavian banks including Danske Bank A/S and Swedbank AB. The Spanish probe alleges that a money-laundering ring moved about 35 million euros ($39 million) through accounts in Moldova, Ukraine and Lithuania and then via Estonia to Spain, providing new details about the final destination of some of the cash.
The funds “have been laundered since 2008 through an international structure of companies, banks and countries that have little-to-no transparency nor financial or procedural collaboration,” Spanish state prosecutors Juan Jose Rosa Alvarez and Jose Grinda Gonzalez wrote in the complaint, which was filed in a court in Madrid on Tuesday.
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