Russian money launderers bought a bank to disguise ransomware profit | Computer Weekly

"A billion-dollar money laundering network active in the UK bought a bank in the Central Asian state of Kyrgyzstan to facilitate the washing of profits from cyber crime and other criminal activity, and convert it into cryptocurrency that was used to evade sanctions on Russia in support of the Putin regime's war on Ukraine, according to the National Crime Agency (NCA)."

"So-called cash-to-crypto swaps are a core part of the global criminal ecosystem. In 2024, the NCA and its European and North American partners came down hard on two full-service Russian-run money laundering networks, TGR and Smart, which washed money on behalf of multiple ransomware crews, including the likes of Evil Corp, Conti and Ryuk, in an ongoing series of actions dubbed Operation Destabilise."

A billion-dollar money-laundering network operating through the UK acquired a Kyrgyzstan bank to launder cybercrime and other criminal proceeds and convert them into cryptocurrency for sanctions evasion. Cash-to-crypto swaps formed a core element of the criminals' operations, enabling laundering for multiple ransomware crews, including Evil Corp, Conti and Ryuk. Operation Destabilise targeted two Russian-run networks, TGR and Smart, and produced dozens of arrests and multi-million-pound seizures. The NCA uncovered a Kyrgyz connection in August, sanctioned Altair Holding SA, and found that Altair bought a 75% stake in Keremet Bank on 25 December 2024.

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