UK agencies launch joint operation on crypto-based sanctions threats
A pilot venture between the Office of Financial Sanctions Implementation (OFSI), The National Crime Agency, HM Revenue and Customs, the Financial Conduct Authority, and both the City of London and the Metropolitan Police services has been probing breaches of financial sanctions.
It comes amid a new approach to enforcement by OFSI as it puts renewed focus on the most serious sanctions offences.
The Crypto Cash Fusion Cell (CCFC), as the pilot is branded, aims to improve how UK law and regulatory bodies identify and respond to criminal use of cryptoassets.
Crypto assets have increasingly been deployed by sanctions evaders and criminal actors to move and launder illicit funds, but tracing their activity on the blockchain has opened up…
