Official reports from the UK National Crime Agency (NCA)

UK Dismantles Russian Network Laundering Billions in Cryptocurrency for Oligarchs and Spies

Dec 4, 2024, 03:39 PM

UK authorities have dismantled a sophisticated Russian money-laundering network that facilitated the movement of billions of dollars for oligarchs, spies, and cybercriminals by converting cash into cryptocurrency, with Tether being the most favoured. The operation, which involved a Russian businesswoman, was used to fund Kremlin espionage schemes and support UK drug gangs during lockdown. The National Crime Agency (NCA) seized over £14 million in cash and more than $7 million in cryptocurrency as part of the crackdown.