Investigating ‘foul play’ by Cypriot firm

French and US authorities have launched an investigation into Cypriot brokerage TCR International Ltd in conjunction with a branch of BNP Paribas, following suspicions of “aggravated money laundering.” The transactions in question, exceeding €220 million, occurred between 2019 and 2021, as reported by French daily Le Monde. The Paris Prosecutor’s Office confirmed the investigation, initiated after an alert from France’s anti-money laundering unit, Tracfin.

While the prosecutor’s statement did not explicitly reference BNP Paribas, it outlined that the transfers were of “possibly dubious origin and/or flows with no explicit economic logic.” Approached for comment, BNP Paribas declined to provide specifics on the investigation but stressed its commitment to global compliance standards and regulatory obligations.

TCR had collaborated with BNP Paribas Security Services between 2019 and 2022, according to Le Monde. The French authorities’ interest in TCR reportedly stems from a separate US investigation involving Yevgeny Prigozhin, the Wagner mercenary chief who died in a plane crash in August. The prosecutor’s office has not commented on any link between Prigozhin and the TCR transfers.