Support The Moscow Times!

French Vineyards Could be the Tools of Money Launderers

Purchases of French vineyard assets by Russian and Chinese investors could be tied to money laundering, according to Tracfin, the French agency dedicated to the fight against money laundering and terrorist financing.

In particular, suspicions were raised by transactions involving holding companies in tax havens like Cyprus.

In one case, a Cypriot company making a purchase was owned by a company in another unspecified low-tax area and ultimately controlled by a Russian citizen, the Financial Times reported Sunday.

However Tracfin does not have a right to conduct full investigations and must pass all documents into relevant courts, Vedomosti reported.

In the last decade, wine and cognac exports to China and Russia have soared, fueling the demand for French wineries among the countries' newly rich buyers.

(MT)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more