Istanbul's Grand Bazaar, a historic market attracting millions of tourists, has become a significant hub for international money laundering, facilitating illicit financial flows worth an estimated $250 million in recent discoveries. This operation plays a crucial role in propping up the economies of sanctioned nations like Venezuela and Russia, primarily through the exchange of Venezuelan gold for Russian and Iranian commodities such as oil.
The market's structure and lax oversight allow for commodities from sanctioned countries to move freely. Experts estimate that around $900 million annually in Venezuelan gold alone passes through the bazaar, being exchanged for goods that circumvent international sanctions. While Turkish authorities have made arrests, including the bazaar's vice president in a February 2025 raid that uncovered $250 million in illicit funds, experts suggest these actions are often politically motivated, with authorities potentially extorting f... download the app to read more
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