A billion-dollar Russian money-laundering network used by drug dealers, financial criminals, and foreign spies has been sanctioned and arrested in a coordinated international investigation led by the National Crime Agency. The operation, known as Operation Destabilise, involved law enforcement agencies from the US, France, and Ireland.
The network laundered cash and cryptocurrencies for serious crime gangs in the UK and across the west, including Russian hacking groups that extract ransom payments from corporations and “Russian elites seeking to bypass sanctions”. The scheme had significant real-life implications, as it was linked to laundering drug money made on the streets of the UK.
In total, 84 people were arrested and over £20m in cash and cryptocurrency were seized. The network’s alleged heads were identified, including Ekaterina Zhdanova, who headed Smart, a group linked to ransomware groups. George Rossi, the head of TGR, was also involved, with connections to unspecified Russian espionage operations.
The money-laundering scheme worked by passing funds through layers, exchanging cryptocurrencies for cash from illicit transactions in western economies. This allowed Russian criminals to receive hard currency and western crime bosses to buy large consignments of drugs from South America while bypassing the international banking system.
The National Crime Agency’s director general said that Operation Destabilise had exposed a previously unknown money laundering network, mapping out links between Russian elites, crypto-rich cyber criminals, and drugs gangs on the streets of the UK. However, he warned that there is always someone in the wings who can fill the void left by key money launderers being arrested or replaced.
Source: https://www.theguardian.com/business/2024/dec/04/global-investigation-exposes-alleged-billion-dollar-russian-money-laundering-network