UK Drug Trade Linked to Russian War Effort Through Complex Money-Laundering Network
In This Article
HIGHLIGHTS
- The UK National Crime Agency (NCA) has linked UK drug trade proceeds to Russian arms factories via a money-laundering network.
- Operation Destabilise uncovered that George Rossi's company, Altair Holding SA, bought a Kyrgyz bank aiding Russian military payments.
- Tether, a cryptocurrency backed by UK political donor Christopher Harborne, is implicated in facilitating Russian sanctions evasion.
- The NCA seized $24 million in cryptocurrency, mostly Tether, used in organized crime and money laundering.
- The NCA warns that UK drug purchases contribute to a global criminal ecosystem funding geopolitical conflicts.
The UK National Crime Agency (NCA) has issued a stark warning about the unintended global consequences of the domestic drug trade. According to the agency, proceeds from drug sales in the UK are being funneled through a sophisticated money-laundering network that ultimately supports Russian arms factories involved in the Ukraine conflict.
Operation Destabilise Unveils Complex Network
The NCA's investigation, dubbed Operation Destabilise, has revealed a sprawling criminal ecosystem. Central to this network is George Rossi, who, through his company Altair Holding SA, acquired a 75% stake in Kyrgyzstan's Keremet Bank on Christmas Day 2024. This bank has been facilitating payments for Promsvyazbank (PSB), a Russian state-owned bank described by the US Treasury as a "sanctions evasion hub." The NCA has linked these transactions directly to Russia's military-industrial complex.
Cryptocurrency's Role in Sanctions Evasion
A significant element of this scheme involves the use of cryptocurrency, particularly Tether, a stablecoin. Tether's popularity has surged, with its tokens being used to obscure the identities of those involved in illicit activities. The NCA has seized $24 million in cryptocurrency, predominantly Tether, which has been used to facilitate money laundering and organized crime.
Political Connections and Financial Implications
Tether's ties to UK politics have also come under scrutiny. Christopher Harborne, a major political donor, holds a 12% stake in Tether. While there is no direct implication of Harborne in the money-laundering activities, the NCA's findings highlight the complex interplay between legitimate financial investments and illicit activities. Harborne's contributions to Nigel Farage's Brexit party, now Reform UK, have raised questions about the influence of cryptocurrency in political financing.
A Global Criminal Ecosystem
Sal Melki, the NCA's Deputy Director for Economic Crime, emphasized the vast scale of this criminal network, stating, "We can draw a thread between somebody buying cocaine on a Friday night in the UK, all the way through to geopolitical events that are causing suffering across the world." The agency's efforts to disrupt this network include public awareness campaigns and legal actions against those involved.
WHAT THIS MIGHT MEAN
The revelations from Operation Destabilise could lead to increased scrutiny and regulation of cryptocurrency transactions, particularly those involving stablecoins like Tether. As the UK government and international partners work to dismantle these networks, there may be broader implications for financial institutions and political entities linked to such activities. Experts suggest that enhanced cooperation between nations and stricter enforcement of existing sanctions could be pivotal in curbing the flow of illicit funds supporting geopolitical conflicts.
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UK Drug Trade Linked to Russian War Effort Through Complex Money-Laundering Network
In This Article
Daniel Rivera| Published HIGHLIGHTS
- The UK National Crime Agency (NCA) has linked UK drug trade proceeds to Russian arms factories via a money-laundering network.
- Operation Destabilise uncovered that George Rossi's company, Altair Holding SA, bought a Kyrgyz bank aiding Russian military payments.
- Tether, a cryptocurrency backed by UK political donor Christopher Harborne, is implicated in facilitating Russian sanctions evasion.
- The NCA seized $24 million in cryptocurrency, mostly Tether, used in organized crime and money laundering.
- The NCA warns that UK drug purchases contribute to a global criminal ecosystem funding geopolitical conflicts.
The UK National Crime Agency (NCA) has issued a stark warning about the unintended global consequences of the domestic drug trade. According to the agency, proceeds from drug sales in the UK are being funneled through a sophisticated money-laundering network that ultimately supports Russian arms factories involved in the Ukraine conflict.
Operation Destabilise Unveils Complex Network
The NCA's investigation, dubbed Operation Destabilise, has revealed a sprawling criminal ecosystem. Central to this network is George Rossi, who, through his company Altair Holding SA, acquired a 75% stake in Kyrgyzstan's Keremet Bank on Christmas Day 2024. This bank has been facilitating payments for Promsvyazbank (PSB), a Russian state-owned bank described by the US Treasury as a "sanctions evasion hub." The NCA has linked these transactions directly to Russia's military-industrial complex.
Cryptocurrency's Role in Sanctions Evasion
A significant element of this scheme involves the use of cryptocurrency, particularly Tether, a stablecoin. Tether's popularity has surged, with its tokens being used to obscure the identities of those involved in illicit activities. The NCA has seized $24 million in cryptocurrency, predominantly Tether, which has been used to facilitate money laundering and organized crime.
Political Connections and Financial Implications
Tether's ties to UK politics have also come under scrutiny. Christopher Harborne, a major political donor, holds a 12% stake in Tether. While there is no direct implication of Harborne in the money-laundering activities, the NCA's findings highlight the complex interplay between legitimate financial investments and illicit activities. Harborne's contributions to Nigel Farage's Brexit party, now Reform UK, have raised questions about the influence of cryptocurrency in political financing.
A Global Criminal Ecosystem
Sal Melki, the NCA's Deputy Director for Economic Crime, emphasized the vast scale of this criminal network, stating, "We can draw a thread between somebody buying cocaine on a Friday night in the UK, all the way through to geopolitical events that are causing suffering across the world." The agency's efforts to disrupt this network include public awareness campaigns and legal actions against those involved.
WHAT THIS MIGHT MEAN
The revelations from Operation Destabilise could lead to increased scrutiny and regulation of cryptocurrency transactions, particularly those involving stablecoins like Tether. As the UK government and international partners work to dismantle these networks, there may be broader implications for financial institutions and political entities linked to such activities. Experts suggest that enhanced cooperation between nations and stricter enforcement of existing sanctions could be pivotal in curbing the flow of illicit funds supporting geopolitical conflicts.
Images from the Web
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