NZ firm named in huge European scam

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New Zealand shell companies may have played a part in the biggest money-laundering operation in Eastern Europe. A recent investigation by the Organised Crime and Corruption Reporting Project (OCCRP) exposed an enormous US$20 billion ($24.4 billion) transfer of dirty Russian funds, dubbed ''the Laundromat''. The complex movement of cash, between 2010 and early this year, was allegedly facilitated by judges, well-connected officials, banks and offshore companies - including at least one New Zealand firm [Chester (NZ) Limited].

Read the story by Richard Meadows in stuff.co.nz

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