A regional Russian bank owned by a former U.S. congressman had its license revoked April 5 for violations that included breaking rules against money laundering.

Commercial Bank of Ivanovo, in which Republican former North Carolina Representative Charles Taylor owns an 80 percent stake, regularly broke anti-money laundering regulations, misrepresented the size of its provisions and used “schemes” to artificially inflate its capital, according to a central bank statement.

Charles Taylor
Photographer: Tim Sloan/AFP via Getty Images

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