UK is hunting the $86 billion Russia-linked crypto pipeline as it moves to double sanctions fines

Britain is widening its Russia sanctions crackdown from named entities to the payment routes that keep sanctioned networks moving money.

On Aug. 31, the National Crime Agency issued its first nationwide industry alert on the A7 network, directing banks, payment providers and crypto firms to examine counterparties, intermediary wallets and cross-border infrastructure linked to Russia-related transactions.

Rachael Herbert, Director of the National Economic Crime Centre (NECC) at the National Crime Agency, said:

“The National Crime Agency and the National Economic Crime Centre are committed to targeting the nexus between organized crime and sanctions evasion. Last year, our Operation Destabilize targeted and disrupted a major Russian-speaking professional money laundering network, making it harder for them to operate and degrading the threat they posed.”

The move comes alongside a government plan to double the maximum civil penalty available to the Office of Financial Sanctions Implementation for breaches involving measurable funds or economic resources. The proposed ceiling would rise to the greater of £2 million or 100% of the breach value, from £1 million or 50% today.

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