How money laundering network in UK bought bank to fund Russian war effort'

"The NCA said the enterprise benefited criminals globally, from Russian-speaking hackers with millions in cryptocurrency to British street gangs laundering physical cash. Launderers for the group operate in at least 28 UK cities and towns, with couriers collecting cash for crypto conversion. A company linked to one of the network's bosses purchased the bank now facilitating payments supporting the Russian military."

"A spokesperson for the NCA said a thread can be drawn between a person in the UK buying some cocaine on a Friday night to geopolitical events that are causing suffering across the world. Sal Melki, deputy director for economic crime at the NCA, added: Today we can reveal the sheer scale at which these networks operate and draw a line between crimes in our communities, sophisticated organised criminals and state-sponsored activity."

"The networks disrupted through Destabilise operate at all levels of international money laundering, from collecting the street cash from drug deals, through to purchasing banks and enabling global sanctions breaches. In December last year, the agency exposed two networks, TGR and Smart, which were working together to launder money for transnational crime groups involved in cyber crime, drugs and firearms smuggling."

A billion-dollar money-laundering network active in the UK purchased a bank to facilitate payments supporting the Russian military. The enterprise benefited criminals globally, from Russian-speaking hackers holding millions in cryptocurrency to British street gangs laundering physical cash. Laundering operations run in at least 28 UK cities and towns, with couriers collecting cash for crypto conversion. A company linked to one network boss acquired the bank now used to channel payments to the Russian military. The National Crime Agency leads Operation Destabilise into Russian money-laundering networks aiding serious organised crime worldwide. Since the operation began, 128 arrests and over 25 million in cash and cryptocurrency have been seized in the UK alone.

Read at www.independent.co.uk