Introduction
The Salpanovs Case is tied to the beginning of the Armed Conflict in Ukraine that began in the Donbas region in 2014. In February 2024, the UN Assistant Secretary-General recounts “The approaching anniversary of the invasion is not only an occasion to recount the horrors of the past two years, but also a reminder that the armed conflict in Ukraine did not begin on 24 February 2022, but has been ongoing in the country’s east since 2014,”. Few cases of international money laundering, terror financing, and illegal financial activities are as complex and contentious as that of Sergey Sergueevich Salpanov and his wife, Albina Salpanova. After being at the center of money laundering operations to fund separatist Fighters in the Donbas region between 2014 and 2016, that escalated into the current Russia-Ukraine war. The Salpanovs couple seems to be thriving with its ever-expanding business in over 120 countries with their company, Swiss Remit.
Salpanov Case: Money Laundering Operations in the Donbas Region
Sergey Sergueevich Salpanov, born on August 5, 1988, in Moscow, USSR, and his wife, Albina Salpanova (née Korchagina), born on April 1, 1993, are Russian citizens whose commercial activities have raised serious violations and red flags across several countries.
Figure 1: Sergey Sergueevich Salpanov’s photo posted on the Peacemaker Center’s Website (Source)
Salpanov Sergej Sergeevich appears to be associated with real estate ventures in Moscow and has connections to several companies leasing and operating real estate. His name is mentioned in various legal and financial databases tied to various illegal commercial activities mainly reportedly linked to unauthorized commercial activities in conflict zones like Donetsk. In addition, there are a few allegations connecting him to financing terrorism and other illegal operations. The money laundering operation of the Salpanovs couple can be traced back to March 2014, when Ukraine cut off the Donetsk region from its financial system. The Donetsk’s People’s Republic (DPR) is part of Russian annexed territories from Eastern Ukraine. In October of the same year, the DPR announced the creation of its central bank. In the absence of financial institutions in the republic, the Donetsk authorities, since 2014, have come to a whole scheme for sending money with the participation of the money transfer system “Anelik”. The Anelik money transfer system was established in 1996. This system belongs to the Russian bank Anelik.RU, and is sustained without opening bank accounts.
Figure 2: Anelisk Money transfer system workflow, The Modus Operandi at play:
The National Bank of Ukraine (NBU) has blacklisted both Salpanovs and the Ukraine Security Service (SBU) is investigating them on the serious allegation that they had orchestrated illegal payments to Russian Fights in the Donbas region and facilitated the smuggling of Russian passports reportedly between 2014 to 2016, a period marked by intense conflicts, years before the current Ukraine-Russia War began. The illegal funding was carried through a money laundering scheme undertaken by Sergey Salponov when he was a board member at Anelik Bank, a Russian institution known for its financial support for Donbas separatists.
Serguey Salpanov served as Deputy Head of the Business Development department at Anelisk Russia. It is established through investigations carried out by the Ukrainian authorities that during his tenure at Anelisk, Mr. Salpanov was traveling frequently to the Donetsk/Donbas region to organize the reception of the funds and the issuance of the fake passports and his wife, Mrs. Albina Salpanova, was in charge of the paperwork. Mr. and Mrs. Salpanov were using the money transfer services of Anelik Bank between 2014 and 2016. The bank itself was blacklisted by the Ukrainian government. Following these operations, the Salpanoves currently shifted to Budapest, where their residency permits have been rejected by the local authorities.
Figure 3: Former Board Member & Deputy Head of Business Development Management, Anelik RU LLC (Russia) (Source)
Current situation
Anelik.RU, now rebranded as IDBank, is a Russian bank wholly owned subsidiary of one of Lebanon’s largest banks, CreditBank SAL, whose main owner is Tarek Joseph Khalife. Against being Blacklisted, Sanctioned, and facing multiple legal issues, the Salpanovs couple is thriving as the owner and director of Swiss Remit AG, a financial company based in Zurich, Switzerland, specializing in money and cryptocurrency transfers. In recent developments, Swiss Remit recently entered into a partnership with PayPugs, a payment services provider, to expand payment possibilities across numerous countries.
With the new Partnerships, Salpanovs through his company Swiss Remit intends to expand its global financial imprints across Asia, Africa, Latin America, and others. Paypugs in partnership with Swiss Remit aims to expand its services across multiple countries including the likes of India, Vietnam, Russia, Ukraine, Bulgaria, Romania, Georgia, Azerbaijan, Uzbekistan, Bulgaria, Morocco, Albania, Serbia, Kosovo, Turkey, Nigeria, Senegal, Ivory Coast, Ethiopia, Brazil and other countries. It is pertinent for the business community to be aware of the dangers of dealing with such individuals like Salpanovs, his criminal background, and his continuing blatant disregard for the laws and norms.
Conclusion
The case of Sergey and Albina Salpanov demonstrates the failure of sanctions and how Individuals like Salpanov can still operate and economically thrive after committing serious financial crimes and also undermining International organizations and regulations, such as the United Nations remains committed to Ukraine’s sovereignty and Independence. However, there has been very little publication or media coverage on such major money laundering cases. It further emphasizes the importance of combating money laundering across borders and the need to create better awareness about such dangerous individuals nationwide. Firstly, it highlights the challenges in tracking and regulating financial transactions in conflict zones. The Salpanovs’ alleged activities illustrate how illicit funds can be channeled through legitimate financial institutions to support armed conflicts. Secondly, their case underscores the challenges in enforcing global financial sanctions and the extent to which individuals and entities can evade these measures.
About Salpanov’s Swiss Remit, the use of sophisticated financial networks and cryptocurrency platforms complicates efforts to monitor and control illicit financial flows. Finally, Salpanov’s story is a stark reminder of the relation between global finance and geopolitics. The methods used to evade sanctions and launder money have become increasingly sophisticated, posing significant challenges for regulators and enforcement agencies worldwide. In summary, the case of Sergey and Albina Salpanov serves as a critical example of the intersection between finance, international law, and geopolitical conflict. It highlights the ongoing struggles to control and monitor illicit financial activities and the broader implications for global security and economic stability.
