NEW: Internal Treasury Dept Docs Show Russian Oligarch Roman Abramovich Invested At Least $1.3B With US Investment Firms And Hedge Funds
Abramovich hasn't been sanctioned by US. But that may soon change, a US official told @BuzzFeedNews
buzzfeednews.com/article/tomwar…
Abramovich hasn't been sanctioned by US. But that may soon change, a US official told @BuzzFeedNews
buzzfeednews.com/article/tomwar…
The money, sent through the high-secrecy jurisdictions of the British Virgin Islands & Cyprus, was difficult to trace. But with the help of confidential banking records, investigators at State Street stumbled upon the identity of the mystery investor: Roman Abramovich
The investigators reported Abramovich’s investment network in a series of “suspicious activity reports” to the US Treasury Department in 2015 and 2016.
During the next six years, the US government took no action against Abramovich, and the State Street investigation stayed secret.
The State Street episode, reported here for the first time, is based on the #FinCENFiles, secret government documents obtained by @BuzzFeedNews from whistleblower Natalie May Edwards (@3_Whistleblower).
A firm called Concord Management appeared to have been set up to oversee Abramovich's investments. Yet State Street had trouble finding basic details about Concord — including whether it even existed.
Investigators were “unable to identify or verify the existence of CONCORD and the entity has a non-functional website,” they wrote in one suspicious activity report sent to Treasury's financial crimes unit.
In a statement sent to BuzzFeed News, a spokesperson for Concord Management said the company “provides independent third party research, diligence and monitoring of investments, but does not invest in any funds.”
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