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Operation Destabilise, a multi-national operation led by the UK's National Crime Agency (NCA), has successfully disrupted a massive Russian money laundering network. The operation, spanning years, uncovered two key organizations, Smart and TGR, facilitating billions of dollars in illicit funds for various criminal enterprises. These included drug traffickers, ransomware gangs like Ryuk (responsible for extorting at least £27 million from 149 UK organizations), and potentially sanctioned Russian elites, highlighting the complex web of international financial crime. The operation resulted in 84 arrests, the seizure of £20 million in cash and cryptocurrency, and sanctions imposed by the US Treasury's Office of Foreign Assets Control (OFAC) against key figures and entities involved.

The NCA investigation revealed a previously unseen link between Russian elites, cybercriminals, and street-level drug gangs in the UK. Smart and TGR provided crucial services, enabling the movement of illicit funds across borders and converting cryptocurrency into cash. Their reach extended across the UK, Middle East, Russia, and South America, demonstrating the global scope of their operations. The disruption of these networks represents a significant blow to organized crime, showcasing the importance of international collaboration in combating economic crime and cybercrime.

ImgSrc: securityaffairs.com

References:

• Security Affairs - Operation Destabilise dismantled Russian money laundering networks - 20d
• The Hacker News - NCA Busts Russian Crypto Networks Laundering Funds and Evading Sanctions - 20d
• Over Security - Russian money laundering networks uncovered linking narco traffickers, ransomware gangs and Kremlin spies - 20d

Classification:

• HashTags: MoneyLaundering Cybercrime OperationDestabilise
• Target: Financial systems globally
• Feature: Money laundering
• Type: Financial Crime
• Severity: Major