The European Union Has Joined the Money Laundering Investigation of the $230m of Stolen Money Exposed by Sergei Magnitsky

February 25, 2013

Financial intelligence experts from six EU member states have joined forces to investigate the money laundering trail uncovered and exposed by late whistle-blowing Russian lawyer Sergei Magnitsky, reported EU Observer.
“The FIUs are working on the case and there will be a follow-up meeting before the summer,” a source at the EU Commission told EU Observer.
According to the EU Observer, the European Commission has formed a joint investigation at a meeting of the Financial Intelligence Units platform on 7 February (
The EU Financial Intelligence Units’ Platform is a group set up in 2006 by the European Commission, which gathers financial intelligence units from the member states. Its main purpose is to facilitate cooperation among national financial intelligence units.
Prior to his arrest and death in custody, Mr Magnitsky gave testimony detailing how a group of Russian government officials and organized criminals stole companies from his client, the Hermitage Fund, and $230 million they had paid in taxes to the Russian treasury. The Magnitsky investigation identified that the thefts from the budget were systematic and took place through the same Russian tax offices both before and after the $230 million theft.
“As EU countries start cooperating and sharing information, eventually the whole money laundering scheme will become crystal clear,” said a Hermitage Capital representative.


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