London – A UK-based money laundering network allegedly used a covertly acquired Kyrgyz bank to funnel funds to Russia, evading international sanctions imposed after the invasion of Ukraine, authorities announced Friday. The operation, the second phase of the National Crime Agency’s “Operation Destabilise,” follows an initial phase last December that officials characterized as the largest anti-money laundering effort in a decade. To date, the inquiry has led to 128 arrests and the seizure of over £25 million in illicit funds.
UK Police Uncover Money Laundering Network Allegedly Aiding Moscow in Sanctions Evasion
A sophisticated money laundering operation in the United Kingdom secretly acquired a bank in Kyrgyzstan to help Russia circumvent Western sanctions imposed in response to the war in Ukraine, British police announced Friday. The revelation highlights the increasingly complex methods being used to bypass international financial restrictions.
The purchase came to light as part of the second phase of an international police operation dubbed “Operation Destabilise,” according to the National Crime Agency (NCA).
The first phase of the operation was announced in December 2024, and at the time, the NCA described it as “the largest anti-money laundering operation in a decade.” To date, it has resulted in 128 arrests and the seizure of over £25 million (approximately $28.3 million USD) in cash and cryptocurrency within the UK, the NCA stated.
Investigators found the network relied on hundreds of couriers operating in at least 28 British cities to collect funds originating from illicit activities such as drug trafficking, arms dealing, and illegal immigration. These funds were then rapidly converted into cryptocurrency and transferred internationally.
At the heart of the operation were two Russian-speaking organizations, Smart and TGR. An investigation into their financial flows revealed that funds were being routed through Keremet Bank in Kyrgyzstan, which had been discreetly purchased by Altair Holding SA, a company linked to George Rossi, the head of TGR.
Keremet Bank allegedly facilitated transfers to Promsvyazbank (PSB), a Russian state-owned bank that supports companies in the defense industry and has already been targeted by the U.S. Treasury Department. According to Sal Melki, NCA Deputy Director, the investigation now connects drug trafficking, organized crime, geopolitics, and sanctions evasion “on a massive scale.”
