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Russian customs service sues Bank of New York for $22 bln -2

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Russia's Customs Service filed a suit with the Moscow Arbitration Court against the Bank of New York, a global leader in securities servicing, for $22.5 billion in damages, the service lawyer said Thursday.
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MOSCOW, May 17 (RIA Novosti) - Russia's Customs Service filed a suit with the Moscow Arbitration Court against the Bank of New York, a global leader in securities servicing, for $22.5 billion in damages, the service lawyer said Thursday.

The suit says the bank failed to pay taxes on funds imported to Russia in 1996-99, Maxim Smal said from the court. "In 1996-99, the bank organized an illegal scheme to launder the money received for Russian exported goods, which caused damages of $22.5 billion to the state," Smal said.

The investigation into the Bank of New York case began in the United States in the early 2000s when authorities of some countries began to suspect bank employees of involvement in tax evasion and money laundering. The bank sacked several staff members who dealt with Russian money transfers, and some of them appealed against the dismissals.

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