View Full Version : Cryptocurrency is one of the means of money laundering in Russia

03-09-2019, 02:46 PM

The Plenum of the Russian Supreme Court introduced the concept of cryptocurrency in the decision on money laundering cases. "On judicial practice in cases of money laundering," a clause appeared on "cash converted from virtual assets."

The subject of crimes under Articles 174 and 174.1 of the Criminal Code, including monetary assets converted from virtual assets (cryptocurrency), acquired as a result of the commission of a crime. By itself, cashing cryptocurrency will not be regarded as a crime, the court will check specific cases for violations.

The status of cryptocurrency in Russia is not defined and in recent years in Russia, cryptocurrencies have become more often used to market drugs and launder criminal proceeds. In practice changes are possible in the medium term. Digital money is more likely to be used for the unauthorized transfer of funds abroad and by those who are leading a shadow or penumbral business. For these people, in the short term, there are opportunities for cash conversion of cryptocurrency or the use of international exchanges and the shadow Internet for this, and in this regard, it is unlikely that something will change.

KYCbench, your reliable KYC partner
GDPR & ISO/IEC 27001:2013 compliant

Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com

Join our Telegram Groups:
KYCBench Announcement (https://t.me/kycbench)
KYCBench Community (https://t.me/KYCBenchOFFICIAL)