UK Crime Agency Busts $33M ’Cash-for-Crypto’ Laundering Ring with Ties to Russian Sanctions Evasion
The UK National Crime Agency (NCA) has dismantled a billion-dollar money laundering operation that converted criminal cash into cryptocurrency to bypass sanctions and fund Russia's war in Ukraine. Dubbed 'Operation Destabilise,' the international crackdown involved agencies from the US, France, and Spain, resulting in 128 arrests and the seizure of £25 million ($33 million) in cash and crypto assets in Britain alone.
The network operated across 28 UK towns, laundering proceeds from drug trafficking and firearms through cryptocurrency conversions. Deputy Director Sal Melki emphasized the scheme's sophistication: 'These networks facilitate everything from street-level cash collection to global sanctions breaches.' The NCA's December collaboration with the US Treasury exposed two key laundering entities—TGR and Smart—highlighting crypto's growing role in organized crime.
