UK uncovers massive crypto money laundering scheme involving drug dealers and Russian spies

A UK-led operation has uncovered a multibillion-dollar money laundering scheme operating in London, Moscow and Dubai that enabled Russian spies and European drug traffickers to evade sanctions using cryptocurrencies, according to the Financial Times. The UK National Crime Agency (NCA) said on Wednesday that its Operation Destabilization investigation focused on two companies, Smart and TGR, which acted as financial hubs for well-funded global criminals and sanctioned individuals who were outside the banking system due to cryptocurrencies. The NCA said that from late 2022 to the summer of 2023, the network was used by clients including the Kinahan drug cartel, Irish cocaine traffickers linked to multiple contract killings, as well as ransomware groups and "Russian espionage." Rob Jones, NCA director of operations, said the investigation was the "most significant money laundering operation" the NCA had ever conducted. He said it "targeted money laundering hubs that combined street cash and cryptocurrencies on a large scale."