Financial Times: UK reveals large-scale cryptocurrency money laundering scheme involving drug traffickers and Russian spies

According to the Financial Times, a UK led operation has exposed a multi billion dollar money laundering scheme operating in London, Moscow, and Dubai that allows Russian spies and European drug traffickers to use cryptocurrency to evade sanctions. The National Crime Agency (NCA) in the UK stated on Wednesday that its "Operation Disruption" investigation focuses on two companies - Smart and TGR - that serve as financial centers for well funded global criminals and sanctioned individuals who are detached from the banking system due to cryptocurrency. NCA stated that from the end of 2022 to the summer of 2023, the network was used by clients including the Kennahan drug trafficking group, Irish cocaine traffickers associated with multiple contract killings, as well as ransomware groups and "Russian espionage activities". NCA Director of Operations Rob Jones stated that this investigation is the 'most significant money laundering operation' that NCA has ever conducted. He said it targets money laundering centers that combine street cash and cryptocurrency on a large scale.