Saudi Press

Saudi Arabia and the world
Saturday, Feb 21, 2026

Money Launderers, Corruption See A Coronavirus Advantage, Transparency International Warns

Money Launderers, Corruption See A Coronavirus Advantage, Transparency International Warns

On May 7, 2020, the European Commission issued an Action Plan to strengthen the European Union’s legal framework to fight against money laundering following a wave of recent high-profile money laundering scandals at European banks. This in the tail end of a pandemic.
German lawmaker Peter Beyer sent a request to Cyprus’ Minister of Finance to investigate how the Ananyevs got their passports and visas there, which were likely investor visas similar to the U.S. EB-5 program. Cyprus is a haven of Russian money laundering and tax evasion.

Beyer says he’s going to raise the issue in Brussels now, using the ex-PSB bank founders as an example to others.

“The (PSB) case at hand is transnational and involved four American banks, a few European, Cypriot and many offshore companies,” Beyer said in an email interview. “Germany and the EU are taking the issues very seriously.”

Beyer said that U.S. representatives of ex-PSB account holders approached him and brought the case to his attention. He then brought it to the attention of London, including the Home Office, the equivalent of their Homeland Security, which manages immigration.

PSB’s lawyers did not respond to a request for comment sent out last week. Alexei Ananyev’s lawyer did not respond to request for comment. The request also sought information on Dmitri’s lawyer. He no longer maintains the same London lawyer he had a year ago.

The breakup of PSB has been a massive headache for the Ananyevs. They lost an arbitration panel in Moscow for 282 billion rubles ($4.3 billion), where former executives and top managers of the bank were also fined. The Moscow case sought to recoup “losses from individuals who controlled the bank before December 15, 2017,” adding that it was the Ananyev’s “ill-judged and senseless acts” that resulted in losses and illegal transfers of funds to offshore accounts, money that could have been returned to its account holders.

Beyer is advocating for the people listed as offshore LLCs and holding companies directors to be held liable for financial fraud just like the owners of capital.

In theory, independent directors running multiple LLCs would face the same legal risks as those depositing the money into the firms they’re managing. That might make money laundering and tax evasion more difficult.

Pandemic or not, the United Nations estimates that the amount of money laundered through the financial system each year is between $800 billion and $3 trillion.

Due to the pandemic, it appears that law enforcement and lawmakers in the U.S. and Europe, with Germany in particular, seem to have much less patience and will be trying to ensure the integrity of the Western financial system. As a result, harsher sentences for the perpetrators will be meted out, with less tolerance for money laundering and tax evasion — especially at a time when governments are dishing out trillions in coronavirus relief aid.

“We have seen a number of cases where organized crime illegally obtained access to money intended to help those through the pandemic,” says Beyer. “It’s money that was supposed to help companies from going out of business. The pandemic seems to offer more ways to abuse the system.”

The Ananyev brothers weren’t abusing the pandemic. Their fallout happened long before the new SARS was a headline, but they may be as good example as any that you can run but you cannot hide from the coronavirus, and you can’t postpone or delay law enforcement targeting money laundering and other financial crimes, either.

“We have a court hearing in Holland” says Lender. “Hopefully it won’t be rescheduled because of this. I think justice will be swift and timely.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia’s Strategic Minerals Drive Offers Lessons for Europe’s Supply Chain Ambitions
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
Saudi-Backed Scopely Acquires Majority Stake in Turkey’s Loom Games to Expand Mobile Portfolio
Zodiac Milpro Launches Zid Marine Joint Venture in Saudi Arabia to Expand Regional Shipbuilding
Saudi Arabia Reaffirms Reform Path Amid Claims of Ideological Reversal
Calls Grow for Saudi Arabia and UAE to Settle Differences Through Direct Dialogue
Jensen Huang just told the story of how Elon Musk became NVIDIA’s very first customer for their powerful AI supercomputer
British couple sentenced to 10 years in Iran for espionage
Former British Prince Andrew Arrested on Suspicion of Misconduct in Public Office
Unitree Robotics founder Wang Xingxing showcases future robot deployment during Spring Festival Gala.
Prince William Holds Talks with Crown Prince Mohammed bin Salman During Saudi Visit
Saudi Arabia’s Humain Commits $3 Billion Investment to Elon Musk’s xAI
SCOPA Executive Unveils Ambitious Relaunch Strategy for Saudi Production Company
Saudi Arabia Sees Rise in Business Visa Rejections Amid Tighter Compliance Checks
Saudi PIF Transfers Take-Two Stake to Savvy Games Group in Strategic Gaming Push
Jimmy Carr Says He ‘Loved’ Saudi Arabia Show Amid Debate Over Performing in the Kingdom
Sotheby’s ‘Origins II’ Auction Signals Saudi Collectors’ Shift Toward Cultural Legacy
EY and Microsoft Deepen Saudi Arabia Partnership with Launch of EY Studio+
Google Pay Launches Support for Mastercard Cards in Saudi Arabia
Saudi Arabia Bolsters Maritime Surveillance Fleet with Four C-27J Patrol Aircraft
Kazakhstan and Saudi Arabia Deepen Strategic Partnership with New Investment and Energy Agreements
Saudi Crown Prince Receives Written Message from Kazakhstan’s President Amid Expanding Strategic Ties
ImmunityBio Shares Rise After Saudi Arabia BCG Manufacturing Update Spurs Investor Optimism
Global Music Star Tyla Confirmed as Headliner at 2026 Saudi Arabian Grand Prix Entertainment Lineup
Somalia and Saudi Arabia Forge New Military Partnership Amid Regional Power Shifts
Saudi Arabia and Several Nations Criticize Israeli West Bank Land Measures as Diplomatic Tensions Rise
Saudi Public Investment Fund Transfers Stake in Take-Two Interactive as Portfolio Strategy Evolves
Saudi Arabia’s Flagship Defense Expo Highlights Industrial Ambitions and Expanding Arms Portfolio
Strategic Divergence Deepens as Saudi Arabia and UAE Recalibrate Gulf Partnership
Saudi Arabia Confirms Start of Ramadan as Crescent Moon Sighted, While Other Nations Begin a Day Later
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
Prince William Meets Saudi Crown Prince as Epstein-Andrew Fallout Casts Shadow
×