EddieJayonCrypto
9 Dec 24
The United Kingdom National Crime Agency (NCA) disrupted Russian money laundering operations involving cryptocurrencies, leading to 84 arrests and the seizure of over $25.5 million in cash and cryptocurrency. The investigation involved the US Department of the Treasury’s Office of Foreign Assets Con...
The United Kingdom National Crime Agency (NCA) disrupted Russian money laundering operations involving cryptocurrencies, leading to 84 arrests and the seizure of over $25.5 million in cash and cryptocurrency. This operation, named "Operation Destabilise," extended beyond the UK to the Middle East, Russia, and South America.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Russian-speaking individuals and four businesses involved in sanction-evasion networks. The global nature of cryptocurrencies poses challenges due to inconsistent international regulation and cooperation, hindering fund recovery for illegal activities.
Criminal groups used cryptocurrency to move funds internationally and reinvest in illicit activities without physical money crossing borders. Money laundering networks Smart and TGR heavily rely on cryptocurrencies for cash transactions to move funds across borders. The UK serves as a hub for money laundering operations, with cryptocurrency used to reinvest in illicit activities without physical money movement across borders.