Russia is using illicit cash channels to fund covert activities, analysts say.
Kremlin is exploiting gaps in sanctions laws, but also using older methods like cash and diamonds.
AdvertisementAdvertisementRussia is using covert financial networks to fund its purchases of banned weapons technology, getting round Western sanctions in the process, analysts told Insider.
That money, he said, is then placed in accounts in countries such as Turkey and the UAE, where western sanctions are not closely enforced.
Under Western sanctions, banks must investigate suspicious transactions to make sure they're not being used to circumvent sanctions.
Persons:
—, Pavlo Verkhniatskyi, Verkhniatskyi, Banks, David Lewis, Russia Verkhniatskyi, FATF
Organizations:
Service, International, University of Exeter, Force
Locations:
Russia, Ukraine, Russian, Turkey, UAE, Kazakhstan, Armenia, North Korea, Iran, Myanmar