The New York offices of U.K.-based money manager Barclays is caught in an international money laundering investigation that implicates a top Russian official with close ties to President Vladimir Putin, The Wall Street Journal reported yesterday.

German prosecutors suspect that Russia's telecommunications minister, Leonid Reiman, a longtime Putin ally, "illegally enriched himself through a series of transactions," and then arranged a network of shell companies and trusts to hide more than $1 billion in assets.

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