Money laundering networks in support of Russia - Criminal groups turn cash into crypto to avoid sanctions
A multi-billion dollar money laundering ring operating in Britain bought a controlling stake in a Kyrgyz bank to facilitate sanctions evasion and support Russia's war in Ukraine, Britain's National Crime Agency said.
In an international investigation into Russian money laundering networks, the agency highlighted the scale of networks that turn cash into cryptocurrencies, linking the local drug trade to organized and state-sponsored crime.
The British institution and the US Treasury Department in December last year went after two networks, TGR and Smart, which they said were used by wealthy Russians to evade sanctions. According to London, these groups laundered money from drug traffickers, criminals and spies, exchanging it for crypto.
During the global operations, the UK Crime Agency and its partners in countries such as the US, France, Spain and Ireland have so far arrested 128 people. In the UK alone, more than £25 million in cash and cryptocurrencies have been seized.
The US Treasury Department stressed that it had imposed sanctions on members of groups that helped Russians use cryptocurrencies to evade sanctions imposed after the invasion of Ukraine.
According to the British agency, TGR was linked to the purchase of a majority stake in Keremet Bank, a Kyrgyz bank banned by the United States. The US Treasury Department said the sale by the Kyrgyz finance ministry was aimed at “creating a sanctions-evading hub” for Russian trade payments.
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