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The National Crime Agency has issued a press release relating to Operation Stabilise, which is targetted a criminal money laundering network that was also used to aid the circumvention of sanctions by Russia.
The NCA states that 45 money launderers have been arrested in the UK, and £25m seized in the UK, with international partners seizing $24m and €2.6m and arresting another 83 people.
The NCA notes the alleged involvement of networks called Smart and TGR and that a company linked to TGR's head had purchased a 75% stake in a previously state-owned Kyrgyzstan bank – Keremet Bank – which was then used as part of the evasion/circumvention network.
The NCA reports a number of convictions for money laundering offences of individuals involved in the networks, and that the head of the Smart network is currently in custody in France.
The operation involved cooperation with the DEA, and FBI in the US, the Direction Centrale de la Police Judiciaire in France, the Jersey Police, Scottish Police, Finland's National Bureau of Investigation, the Dutch National Police and Spanish law enforcement.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
