Together, SMART and the TGR Group operate in about 30 countries across the globe. The Russian state uses the networks to fund espionage operations, while they also help sanctioned individuals get cash into other countries.
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The networks operated by collecting funds in one jurisdiction and realising their value without using the global banking system. This often involves swapping cryptocurrency for cash.
Akin to hawala then. When are they going after that system?
I thought SMART was just the bog standard inter-bank funds transfer system.
googles…. ah, I was thinking of SWIFT. But, as per your comment, when are they going after SWIFT?
Two minds think alike. The popped into my head when i got to the last three words in the first sentence of the second para.
I think the answer to the question is nothing. Because no one will admit hawala exists. Very useful, though.
The one clear best use of crypto is to bypass banks to do international transfers, which are horribly expensive, and usually more expensive the less you transfer, so hitting migrant workers’ remittances the hardest. I’m all for this. Sure, the transfers bypass a lot of sanctions, because the banks are doing the sanction enforcement, but that’s not the point. The method is a thoroughly good thing.