Kremlin-backed forgery scheme moved $6.9bn through global banks

The Financial Times uncovered a massive Kremlin-backed scheme that funneled $6.9 billion through international banks like Standard Chartered and Citigroup. The leak from a fintech firm reveals how thousands of illicit Russian payments were processed globally. This revelation underscores the vulnerabilities in international banking systems and highlights the urgent need for tighter financial regulations to prevent such large-scale money laundering. The findings have significant implications for global financial integrity and could prompt stricter oversight measures by financial institutions and regulatory bodies.