Author: Syedur Rahman 17 March 2023
Syed Rahman has said that some cryptocurrency dealings may mean that UK sanctions are not as effective as the government intended.
His warning came after a report by anti-corruption organisation Transparency International outlined how Russia-based cryptocurrency exchanges can offer Russian criminals and other blacklisted individuals a way of moving large amounts of money into the UK and Europe.
In its report, Transparency International details how “over-the-counter” cryptocurrency brokers in Moscow offer to sell clients stablecoins and other digital assets for rubles and then supply them with the equivalent sum in British money in London.
Syed stated that such a situation indicates the potential to bypass sanctions.
He added: “Cases such as this highlight that UK sanctions are perhaps not as restrictive as the government had hoped.
“While backdoor routes such as these still exist, the efficacy of sanctions will continue to be undermined.’’
Syed’s comments were featured in an article in moneylaundering.com (subscription required).
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.