Lucy Edwards, former vice president of the Bank of New York, and her husband Peter Berlin have been accused of the largest money laundering cases. The couple was hospitalized in the U.S. precinct in Manhattan after about 18 months of investigation. Lucy Edwards and Peter Berlin, a husband and wife, admitted to judges that they helped a group of small but politically connected Russian banks create an elaborate money laundering scheme that moved billions of dollars out of Russia through the American bank. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay It was said that from 1996 to 1999, more than $7 billion illegally left Russia and flowed through a network of shell company accounts that were set up and controlled by Lucy Edwards and Peter Berlin at the Bank of New York . From there, the money was transferred to offshore accounts. The network was designed to facilitate the movement of more than 160,000 electronic transactions between Russia and the United States. There are a few purposes he designed the network for, namely to evade Russian taxes on money from legitimate business transactions, avoid Russian customs duties on imports, and “wash” the profits of actual criminal enterprises through legitimate banks. The Berlin couple were paid nearly $2 million for their services to conduct illegal banking activities in the United States. Ms Edwards is aware that the activities they were carrying out are illegal and also alleged that many account holders used the account for illegal purposes. After the investigation, the couple was sentenced to up to 10 years in prison and heavy fines for a variety of federal crimes. However, the Bank of New York was not accused of any wrongdoing, but Ms. Edwards was fired after the federal money laundering investigation. However, we still decide to investigate and decide whether to pursue criminal charges against a bank when an official breaks the law. After several court hearings, Ms. Edwards, Mr. Berlin and three companies controlled by Mr. Berlin, namely Benex, Bec International and Lowland were found guilty of some cases of money laundering to promote criminal activities and defraud the Russian government, conduct banking operations without a license, opening an unauthorized branch of a foreign bank, operating an illegal money transmission business, making improper payments to a bank employee, receiving illegal payments as a bank employee and laundering payments abroad, evading taxes and fraudulently helping hundreds of Russians obtain phony visas to travel to the United States, most of them working in the Russian banking sector. In addition to the cases alleged above, Ms. Edwards is also under investigation for a corruption case against her superiors in the bank's Eastern European division. They pay Svetlana Kudryavtse $500 a month to ensure that the Benex accounts work properly. Edwards explained to the court regarding the accusation of money laundering and other schemes, she said that she was first contacted by a representative of Depozitarno-Kliringovy Bank from Russia who was interested in using the office and technology of the Bank of New York to illegally move money out of Russia. In addition to this, Mr Berlin opened an account on behalf of companies such as Benex, Bees and Lowland and oversaw the account in Moscow. The wife, Mrs. Edwards, on the other hand, helped install computer software for Benex's office to allow them to move money electronically. Please note: this is just an example. Get one now.