According to new research carried out by experts, it has been discovered that Oligarchs, who are rich business leaders in Russian are systematically manipulating the judicial system to carry out money laundering activities. This set of people often sue other people believed to be in their groups, most times, by setting up fake companies, and ‘unclean’ money is then used to pay damages after the judgement, thereby leaving them uncaught. The Oligarchs, who own all the shares in the company pretend, and allowed judgement against their favour, and in turn transfer huge amount of money to the offshore company with legal backing as issued by the court.
Scholars and experts have, therefore, pointed out that these individuals only use the legal system as a tool to carry out their illicit transaction. A former academic at Oxford University, Mr Foxall said that several commercial disputes in the UK court often involve Russian businessmen whose source of money is illegal. In an attempt to curb this, the EU updated its Anti-money laundering law yesterday, with a focus law firms changing their practices to keep proceeds of crime out of the legal services.
