Anti-Financial Crime & Financial Crime Compliance
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Sanctions, UK

Russian money launderers increasingly using cash-to-crypto services as UK’s NCA and OFSI issue ‘red alert’ on financial sanctions evasion

By Elizabeth Hearst for AMLi

Russian money launderers have increasingly turned to cash-to-crypto asset services since the introduction of Western sanctions, with the ability to move “significant volumes of funds.”

In a ‘red alert’ issued by the UK’s National Crime Agency and Treasury’s Office of Financial Sanctions Implementation (OFSI) on financial sanctions evasion typologies, they warned that Designated Persons (DPs) would “explore alternative payment methods”.

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