Official announcements or legal documents detailing fines from regulatory bodies

U.S. Treasury Targets Five in Russian Money Laundering Network Using Tether

Dec 7, 2024, 01:57 AM

The U.S. Treasury Department has imposed sanctions on a Russian-linked money laundering network that utilized Tether (USDT) and other cryptocurrencies to evade sanctions. The network, known as the TGR Group, allegedly processed transactions through Garantex, a sanctioned Russian crypto exchange, to facilitate the laundering of funds for Russian elites. These funds were used to purchase properties in the UK, among other activities. The sanctions target five individuals and entities involved in this operation, highlighting the use of digital assets to bypass international sanctions. The Treasury's actions underscore the need for stricter compliance in the crypto industry, as Tether's platform was used despite Garantex being sanctioned by OFAC in 2022.