British investigators uncover Russian money laundering network

British investigators are taking action against a suspected Russian money laundering network that is said to have handled billions.

The National Crime Agency (NCA) accuses the suspects of working for criminals and helping to circumvent sanctions imposed because of Russia’s war of aggression against Ukraine.

The system had been used by Russian-speaking hackers who had millions in cryptocurrencies and wanted to convert them into cash and investments, the British news agency PA reported. Street gangs had also used the system to launder money.

Used to finance espionage?

According to the NCA, one of the networks was also used to finance Russian espionage activities. So far, 84 arrests have been made, many of whom are already serving prison sentences. Around 20 million pounds (around 24 million euros) in cash and cryptocurrency have been confiscated.

The US imposed sanctions against several individuals and organizations allegedly linked to one of the two networks. It is a widely ramified, international network of companies and employees that has made it possible for the Russian elite to circumvent sanctions.

dpa