The US Charges 5 Russian Citizens With Cryptocurrency Laundering

The US has accused 5 Russian citizens of using cryptocurrencies to launder money, but did not disclose the type and amount of cryptocurrencies they used. They used shell companies to smuggle US F-22 oil and technology and launder the money used in the scheme through cryptocurrency.

On October 19, in a court hearing, the US charged five Russian nationals with an indictment of 12 counts related to a global network of procurement, smuggling and money laundering that was sealed in federal court in Brooklyn, New York.

The defendants were criminal instigators for the oligarchs, orchestrating an elaborate scheme to illegally obtain US military technology and Venezuelan-sanctioned oil through numerous transactions involving the illegals shell and cryptocurrency companies.

“We will continue to investigate, disrupt and prosecute those who fuel Russia’s brutal war in Ukraine, evade sanctions and perpetuate the shadowy economy of transnational money laundering.”

If convicted, the defendants face a maximum prison sentence of 30 years. The charges in the indictment are allegation, and the defendants are presumed innocent unless and until proven guilty.

The use of cryptocurrencies to launder money is increasing day by day, because of its security and decentralization that makes the exchange through cryptocurrency transactions very difficult to control. Governments of countries are constantly making policy regulations to perfect the regulatory system to prevent this situation.

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