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Highlights
- UK authorities dismantle a Russian crypto money laundering network with 84 arrests.
- Key players include Moscow-based exchanges Smart Group and TGR Group.
- Operation highlights the growing global collaboration against crypto-facilitated financial crimes.
A recent operation has led to the disruption of a major money laundering network linked to Russian operations. The authorities focused on two Moscow-based crypto exchanges, Smart Group and TGR Group, which were instrumental in converting illicit funds into untraceable digital assets. These exchanges played a crucial role in facilitating crimes such as drug trafficking, financing espionage, and circumventing international sanctions. The network spanned over 30 countries, exploiting the anonymity provided by cryptocurrencies to launder money on an unprecedented scale.
The operation, named "Operation Destabilise," has already seen notable arrests, including Ekaterina Zhdanova, the head of Smart Group, who was apprehended in France. George Rossi, associated with TGR Group, remains on the run. Both Zhdanova and Rossi have been sanctioned by the U.S. Treasury Department for their roles in sanction evasion and money laundering. The investigation also uncovered connections to a cash courier network, managed by Semen Kuksov and Andrii Dzektsa, which was responsible for laundering significant amounts of money in the UK and across Europe. The couriers used by this network moved illicit funds on a vast scale, and they operated with ease across the continent. Kuksov and Dzektsa were both sentenced to prison, with Kuksov receiving five and a half years, while Dzektsa was sentenced to five years.
In addition to the arrests, the investigation also highlighted the growing presence of Russian-speaking money laundering groups operating in London. These groups had reportedly started charging higher commission rates in 2024, reflecting the increasing challenges of conducting illicit transactions within the city. Nik Adams, T/Assistant Commissioner of the City of London Police and lead for economic crime, remarked on the scale of the network, emphasizing that such operations were hidden in plain sight, with vast sums linked to drugs and violence in the UK.
This case is just one part of a wider international effort to combat crypto-enabled financial crimes. Earlier this year, the U.S. Justice Department charged Russian nationals Sergey Ivanov and Timur Shakhmametov with laundering over $1 billion through illicit cryptocurrency platforms. These exchanges allowed cybercriminals and sanctioned individuals to bypass restrictions. On December 4, the U.S. Treasury sanctioned the TGR Group, underscoring the ongoing global crackdown on money laundering through digital assets.
The success of Operation Destabilise reflects growing international cooperation to address financial crimes. The Financial Action Task Force (FATF) has also called for stricter oversight of virtual assets, urging countries to regulate virtual asset providers to counter financial crime effectively. This operation underscores the global effort to fight the rise of crypto-facilitated money laundering and its widespread impact on economies and national security.
