NCA Busts Russian Crypto Networks Laundering Funds and Evading Sanctions
Dec 05, 2024
Cryptocurrency / Financial Crime
The U.K. National Crime Agency (NCA) on Wednesday announced that it led an international investigation to disrupt Russian money laundering networks that were found to facilitate serious and organized crime across the U.K., the Middle East, Russia, and South America. The effort, codenamed Operation Destabilise , has resulted in the arrest of 84 suspects linked to two Russian-speaking networks Smart and TGR. In addition, £20 million ($25.4 million) in cash and cryptocurrency has been seized. Both the businesses are based in Moscow's Federation Tower, per The Telegraph , which is known to act as a hub for money laundering firms . Concurrent with the takedown and arrests, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned five individuals and four entities associated with the TGR Group. "Through the TGR Group, Russian elites sought to exploit digital assets – in particular U.S. dollar-backed stablecoins – to evade U.S. and in...