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Nils Andersen-Röed, Head of the Financial Intelligence Unit at Binance and ex-Europol investigator, said that blockchain’s transparency is a "powerful tool" against illicit activity following the takedown of a multibillion-pound Russian money laundering network by the UK National Crime Agency (NCA). Andersen-Röed shared his statement with Crypto Republique on Dec. 5.
"Blockchain has again proven to be one of the most powerful tools for law enforcement's anti-money laundering efforts. The immutable, public nature of the blockchain makes crypto a poor choice for money laundering because it allows law enforcement to uncover and trace money laundering far more easily than cash transactions,” Andersen-Röed told Crypto Republique. “You simply cannot move large sums of money into crypto without people noticing.”
The NCA recently announced the successful takedown of this network, which operated through traditional financial systems. Operation Destabilise, led by the NCA, uncovered extensive use of traditional financial infrastructure to obscure illicit funds linked to cybercrime, Russian elites, and domestic drug cartels. Despite employing sophisticated methods to exploit the opacity of traditional financial institutions, it was ultimately the transparency of blockchain technology that exposed and disrupted its operations. The investigation resulted in 84 arrests and the recovery of over £20 million in cash and cryptocurrency.
