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$14m connected to proceeds of $230 million fraud uncovered by Magnitsky traced to Canada

Friday, October 28, 2016

Komfie Manalo, Opalesque Asia:

Some $14m of suspected illicit proceeds connected to the $230m Russian fraud uncovered by Hermitage’s murdered Russian lawyer, Sergei Magnitsky, have been traced to Canada, said Law and Order in Russia.

In a complaint filed with the Royal Canadian Mounted Police and eleven other law enforcement agencies this week, Hermitage’s lawyer, Lincoln Caylor of Bennet James law firm, outlined $220,000 in proceeds which were transferred to Canada from two Cyprus accounts. These two Cyprus accounts are connected to the leader of the Klyuev Organized Crime Group, Dmitry Klyuev, who is sanctioned under the U.S. Magnitsky Act for his involvement in the Magnitsky case. These transactions can be traced back to the $230m tax rebate fraud uncovered by Sergei Magnitsky in 2008.

"Based on the present information, it is clear that Canada has a role to play in investigating the crime uncovered by Sergei Magnitsky," said Bill Browder, leader of the global Magnitsky justice campaign.

He added that an additional $1.5 m was wired to Canada through a number of different accounts which can also be traced back to the fraud uncovered by Sergei Magnitsky, and a further $12.6m in suspicious money transfers were wired from Canada back to the money laundering network used by the Russian frauds......................

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