In search of Russian funds
A spontaneous report from the Money Laundering Reporting Office led to a promising case. Several European countries are involved. The focus is on money laundering, possibly in connection with sanctions evasion.
When, in 2024, the authorities of a foreign country seized assets worth millions linked to Russian businessmen, the international media interest was widespread. The focus was on the sanctioned Russian oligarch Aleksandr*, who was suspected of having close ties to the Kremlin. But Oleg* and Dimitri*, whose names appeared in the Panama Papers back in 2021, were also under scrutiny because they were suspected of acting as front men for Aleksandr. The two were said to have acquired numerous properties, mainly through loans from private companies based in Cyprus and the British Virgin Islands.
Follow the money
The international media coverage had reached Switzerland: the Money Laundering Reporting Office (MROS) had received numerous suspicious activity reports, particularly from Swiss private banks, relating to Oleg and Dimitri. MROS analysed the reports it received and sent what is known as a spontaneous report to the relevant Financial Intelligence Unit (FIU).
Spontaneous reports from MROS
A spontaneous report from MROS is a notification sent to law enforcement agencies, foreign Financial Intelligence Units (FIUs) or the relevant national authorities where there are indications of money laundering, predicate offences or terrorist financing. Depending on the case, a spontaneous report may involve suspicious transactions, specific individuals or companies, as well as possible links to investigations that have received media attention. It is usually sent without a request from an authority, instead being generated independently by the FIU. In 2025, MROS sent 223 spontaneous reports to foreign FIUs.
The spontaneous report led to an exchange of information between the relevant foreign law enforcement authority and fedpol. It became clear that far more countries were affected by the seizure of Russian funds. Additional European countries were drawn into this operation. Suspicions were growing that Oleg and Dimitri had established an opaque and complex network of shell companies across multiple countries. The front men used their assets, including real estate, for both personal and business purposes. They laundered the money through their bank accounts, potentially circumventing sanctions.
Russian money also held in Switzerland
The investigation revealed that Oleg and Dimitri owned assets in several cantons. The competent foreign criminal prosecution authority submitted a request for mutual legal assistance to the Federal Office of Justice with the aim of searching the premises and seizing the assets of Oleg and Dimitri, in particular bank accounts and real estate. A cantonal public prosecutor’s office was responsible for processing the request for mutual legal assistance. fedpol coordinated the case in Switzerland and abroad. By the end of 2025, the operation was underway, with more than 50 Swiss investigators and prosecutors from several cantons involved.
The seizures would first take place in Switzerland, with further actions in other European countries scheduled to follow. To this day, this remains one of the largest cases involving money laundering for the purpose of evading sanctions.
“Media reports relating to money laundering, particularly in the context of geopolitical conflicts, are an important source of information for financial intermediaries and law enforcement agencies. They can expedite the submission of suspicious activity reports and criminal proceedings.”
Raffaele, Liaison Officer abroad
*Name changed
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