Russian Bank Under Investigation By The IMF

The Russian central bank received its first $640 million loan installment from the International Monetary Fund (IMF) but will the bank receive future installments on the $4.5 billion loan?

It depends on what the IMF and PricewaterhouseCoopers uncover in their joint investigation of the bank.

The investigation coincides with allegations that Russians may have illegally diverted up to $10 billion through the Bank of New York. IMF aid money could have been part of that alleged amount.

Central bank agreed to independent reviews of its books as a condition of loan approval. However, if the IMF concludes the Russian bank is not complying with loan terms, the second loan installment won't be on its way next month.

If the probe finds that central bank hasn't been on the up and up, it won't be the first time. According to PricewaterhouseCoopers, central bank funneled $1.2 billion to an offshore company in 1996.

You may like these other stories...

By Jason BramwellThe IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).Financial institutions...
By Curtis C. Verschoor, CMAThe furor over the extensive tax avoidance measures used by technology companies such as Google and Apple has reached new heights in both the United Kingdom and the United States. Government...
By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...

Already a member? log in here.

Upcoming CPE Webinars

Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.