UK Seeks Out $86 Billion Russia-Linked Crypto Pipeline Amid Sanctions Crackdown
UK authorities are cracking down on Russia-linked crypto transactions after discovering an $86 billion pipeline. The National Crime Agency issued an alert to banks, payment providers, and crypto firms to scrutinize counterparties, intermediary wallets, and cross-border infrastructure linked to Russia-related transactions.
Rachael Herbert, Director of the National Economic Crime Centre (NECC), said: 'The National Crime Agency and the National Economic Crime Centre are committed to targeting the nexus between organized crime and sanctions evasion.'
The move comes alongside a government plan to double the maximum civil penalty for breaches involving measurable funds or economic resources. The proposed ceiling would rise to £2 million or 100% of the breach value, from £1 million or 50% today.