British authorities have uncovered a sophisticated multibillion-dollar money laundering operation that connected Russian spies and European drug traffickers through cryptocurrency networks, enabling them to bypass international sanctions.
The National Crime Agency’s ‘Operation Destabilise’ revealed two primary companies, Smart and TGR, operating across London, Moscow, and Dubai, which served as financial hubs for criminal enterprises and sanctioned individuals seeking to move money outside traditional banking systems.
The network’s clientele included the notorious Kinahan cartel, known for cocaine trafficking and contract killings, alongside Russian espionage operations. Operating across more than 30 countries between late 2022 and summer 2023, the scheme highlighted the growing collaboration between hostile states and organised crime syndicates as sanctions force alternative financial pathways.
Rob Jones, director-general of operations at the NCA, described it as their most significant money laundering investigation to date, comparing its scope to scenarios from McMafia and le Carré, encompassing espionage and transnational organised crime.
The operation’s methodology involved couriers collecting physical cash from criminals in exchange for cryptocurrency, predominantly Tether, with subsequent laundering through corporate structures. This system enabled cocaine kingpins to assist Russian cyber criminals and elites in laundering stolen crypto while circumventing western sanctions.
The investigation led to 84 arrests and the seizure of £20 million in cash and cryptocurrency. Five individuals and several companies faced US Treasury sanctions. The operation’s success stemmed from collaborative efforts between British authorities, the US FBI, DEA, and law enforcement agencies in France and Ireland.
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