DEYAN RANKO BRASHICH was born in Belgrade, former Yugoslavia, and is an Op-Ed columnist for Connecticut's Litchfield County Times.  He writes the monthly Letter From America column for Romania’s Scrisul Romanesc, a literary magazine and is the Editor-at-Large for  The Country and Abroad, another literary/art magazine where he authors the Dispatch from Abroad column. He is a frequent contributor to Pecat, the Belgrade, Serbia weekly news magazine, Britić, a magazine published in the United Kingdom, Ekurd Daily, a multinational Kurdish news portal and Passport, a lifestyle quarterly. He resides in New York City and Washington, Connecticut.



Past Entries


Borka Vucic – CEO Beogradska Banka Cyprus Branch


Cyprus keeps coming up on my radar screen, year in and year out without fail, just like a bad penny. This week the bad penny was more like millions of them turning up in secret banks accounts in the name of offshore shell companies controlled by Paul Manafort and his side kick, Rick Gates. Many of the accounts where with Bank of Cyprus headquartered in Cyprus’ capital Nicosia – the one that Wilbur Ross, the current US Secretary of Commerce, played tic-tac-toe with Russian oligarchs, that are close to and dear to Vladimir Putin’s heart.

Before rushing to any conclusion take heed of Donald Trump’s warning that “[w]hat you are seeing and what you are reading is not what’s happening” because the news, as reported by the “enemy of the people”, is “fake news” and not to be believed. 

Donald is partially correct - our perception of reality is often controlled by Hollywood. Shady unscrupulous international bankers and money launderers, the Gnomes of Zurich, are portrayed on the silver screen are polished gents sitting in marble Swiss mansions catered to by uniformed flunkies delivering documents on silver trays – see the Jason Bourne, Mission: Impossible and The Thomas Crown Affair movies. Real life is something else – real gnomes are more like Wilbur Ross, bald greedy Elmer Fudd-like geeks ready to swindle you out of any ruble or kopeck still in your pocket.

My introduction to Cyprus’ shadowy world of offshore banking was in 1993 when the Federal Republic of Yugoslavia [Serbia and Montenegro] - all that was left of former Yugoslavia - was placed under a harsh economic United Nations embargo. All commercial transactions were prohibited. All FRY [S&M] assets: companies, inventories, ships, planes, consulates and embassies, anything of value outside the country were seized, frozen. Commercial transactions came to a full stop – credit cards and checks didn’t work but cash was king.

Cash, dollars, pounds, francs and marks poured into Yugoslavia evading sanctions. That cash, duffel bags full, was flown to Cyprus and deposited in offshore shell companies. In a flash, illegal Yugoslav cash was laundered with double-entry bookkeeping making it totally legit. It’s an earlier version of the method used by Manafort and Gates in committing the crimes now being tried before a jury in an Alexandria, Virginia courtroom.  

This money laundering did not take place in a grand Swiss bank, all marble and bronze on Zurich’s Bahnhofstrasse. It was done on the 9th floor of a second rate office building in Nicosia, at the Cyprus branch of Beogradska Banka, former Yugoslavia’s largest bank. There were no teller windows, no loan officers’ desks, no indices of traditional banking, just simple desks and fax machines, with the duffel bags of cash being counted in a windowless room next door. More than a billion dollars was washed and a lot of it stolen through that make-believe bank.

In charge of the Beogradska branch was Borka Vucic, a real-life shriveled gnome of a woman who guarded the operation with a vengeance. She was as mean and as dangerous as a mongoose in heat, just take a gander at her photograph at the start of this article. She had her start in politics with Tito’s Partisans during the Second World War and killing for a just cause never required the cumbersome process of law.

Fortunately, I was just an observer, not a participant. Nor was I an aider or abettor to money laundering and violation of sanctions regulations. Thankfully, I was never in Borka Vucic’s or her henchmen’s cross hairs. Nor did I cross the sanctions prohibitions which would have put the Feds up my ass. So, I write freely about it.    

The mechanics of the scam were simple. Absent close scrutiny the laundered cash became legitimate funds in an account in the name of the shell company. The shell company would direct Beogradska Banka to wire transfer the funds to a supplier of goods or services, say a shipment of gasoline. Once the funds were received the gasoline was smuggled by barge on the Danube to the FRY, with bribes paid to ease the passage. Once in the FRY, the gasoline was sold for hard currencies and the cycle repeated.

The mechanics of this decade old scam remain in place. Today, Manafort and Gates can set up a shell company in Cyprus for a couple of hundred bucks, open a bank account with old Wilbur Ross’s Bank of Cyprus, receive millions of dollars from Ukrainian oligarchs – which in fact they did. Then hide the income from the Internal Revenue Service and enjoy an opulent life style until someone took a closer look landing them on trial before a Judge and jury.     

Which proves, yet again, that “plus ça change, plus c’est la même chose”.

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