Crypto Money

Russia-Turkey Collaboration To Stop Crypto Money Laundering Activity

Russian and Turkish authorities have come forward to stop cybercrime and Ransomware, including money laundering activities in cryptocurrency. Russia’s Prosecutor General visited Ankara, and the collaboration was agreed upon.

  • Turkish authority found 46 suspects in illegal betting in cryptocurrency 
  • Scam of $313 million in Moscow, Russia 

A two-year program corporation is signed between the Russian and Turkish governments by The Prosecutor General of the Russian Federation, Igor Krasnov, and the Turkish Minister of Justice, Bekir Bozdag, to stop illegal activities like crypto-related cybercrime, illegal betting, Ransomware, and money laundering and many more.

Karsanav mentioned the Russian experience at the meeting “In Russia, the relevant judicial and investigative practice has been developed, the legislation on digital assets is being updated, and the central bank’s digital ruble platform is being piloted. We have something to share.”

Turkish President Recep Tayyip Erdogan encouraged the formation of a new payment system with Russia to serve as an alternative because Russian Mir cards were restricted in Turkey. However, several Turkish banks still allow Mir cards.

Crypto crime-related cases found in Russia and Turkey

Russia is the leading country in the adoption of cryptocurrency. On 14 October 2021, Russia was in the 18th position in adopting cryptocurrency among 20 countries, according to The 2021 Global Crypto Adoption Index.

Turkey, a southwestern Asian country with 80 million of the population, is facing the same issue of illegal crypto betting and money laundering activities. Turkish authorities take over $40 million in cryptocurrency in illegal betting. Corresponds to the investigation Chief Public Prosecutor detained 46 suspects involved in illegal betting.

It was found in Russia that found that criminals convert the illegal money they earned from illegal betting into crypto assets. Moscow is the capital of Russia as well as become the money laundering hub of Russia.

General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division said, “After more than five years of litigation, Russian national Alexander Vinnik was extradited to the United States yesterday to be held accountable for operating BTC-e, a criminal cryptocurrency exchange, which laundered more than $4 billion of criminal proceeds.”



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