The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it had sanctioned several individuals and entities related to a money laundering network that relied on tether (USDT), as well as other cryptocurrencies, to move assets for Russian interests. .
The United Kingdom and the United Arab Emirates worked with OFAC to disrupt this network, according to the press release.
In total, OFAC has sanctioned five new individuals and four entities that were associated with the TGR Group money laundering network.
What was this money laundering network like?
The TGR Group, allegedly controlled by Ukrainian national George Rossi, allegedly offers cash-for-cryptocurrency exchange services (and vice versa), a prepaid card service, and helps “Russian citizens purchase property in the UK.”
The press release also notes that Rossi “leveraged the OFAC-sanctioned Russian crypto exchange, Garantex OU, to process USDT transactions after its designation date.”
Among Garantex’s alleged irregularities was the processing of a variety of transactions that came from the Hydra dark market.
Read more: Sanctioned cryptocurrency exchange Garantex investigated over USDT transfers worth $20 billion
The TGR Group’s alleged money laundering network relied on a variety of entities around the world, including Wyoming. Pullman Global Solutions LLC is allegedly more than half owned by Andrejs Bradens.
Bradens, a Latvian national, not only owns Pullman Global but also has ties to other TGR Group entities, such as TGR Corporate Concierge LTD., a UK-based firm.
According to the Treasury press release, Elena Chirkinyan, supposedly “a direct subordinate of Rossi”, heads this entity that has significant importance to the network. Chirkinyan was allegedly previously involved in transferring funds from RT (formerly Russia Today); this would apparently “likely support the activities of a UK-sanctioned Russian-language media organization in the UK.”
Chirkinyan apparently “also organized cash deliveries in which USDT was sent to a cryptocurrency address… and in return the TGR group received cash.”
Chirkinyan also allegedly worked on the possibility that Russian citizens could buy property in the uk.
CoinDesk analysis suggests that Tether froze approximately $8 million worth of USDT yesterday.
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