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Russian “Laundromat”: $545m passed through HSBC

Leaked banking records showed HSBC handled $545.3m from a scheme that moved $20.8bn out of Russia. That was more than any other UK bank, and most of it went through HSBC Hong Kong.

$545.3m processed

Exposed

The Organized Crime and Corruption Reporting Project (OCCRP) first exposed the “Russian Laundromat” in 2014. It was a scheme that moved about $20.8 billion out of Russia between January 2011 and October 2014.

In March 2017, OCCRP and Novaya Gazeta shared the underlying banking records with media partners in 32 countries, including The Guardian. Analysis of the records showed HSBC handled $545.3 million of Laundromat money, the largest amount of any UK bank. Most of it was routed through HSBC’s Hong Kong branch.

HSBC’s position

HSBC said it was strongly committed to fighting financial crime.

The evidence

3 sources
  1. Exhibit ABanks accused of handling laundered Russian moneyThe Global Treasurer · 21 March 2017 · theglobaltreasurer.com
  2. Exhibit BLaundered Russian Cash Went Through Big Banks, Guardian SaysBloomberg · 20 March 2017 · bloomberg.com
  3. Exhibit CHow illicit Russian money was allegedly siphoned into EU and beyondEuronews · 22 March 2017 · euronews.com

Last checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.

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