A global money-laundering ring operating out of Moscow and Dubai has been dismantled by a joint operation involving UK, Irish, US, and French authorities. The ring allegedly laundered billions in cryptocurrency and cash for various criminal operations, including Russian ransomware attacks and street-level drug deals in the UK.
Key figures sanctioned by the US include George Rossi, founder of the TGR group of companies, and Ekaterina Zhdanova, leader of Smart, a network specializing in transforming dirty crypto into cash. The ring allegedly transformed a “big pot of dirty crypto” amassed by Russian ransomware groups into cash by exchanging it with other criminal gangs.
The investigation, dubbed “Operation Destabilise,” began in 2021 and has led to the arrest of 84 people linked to the network. The operation has exposed billion-dollar money laundering networks operating in ways previously unknown to international law enforcement or regulators.
Tether, a cryptocurrency designed to maintain a fixed exchange rate with the dollar, was used almost exclusively by the ring. After exchanging their cash for Tether, gangs in the UK used it to pay for cocaine imports from South America. The Smart network has also been linked to Russian espionage operations since late 2022.
Source: https://www.occrp.org/en/news/crypto-laundromat-tied-to-russian-financial-sector-and-cocaine-trade-police