Russian Money Laundering Network Acquires Kyrgyz Bank for Cybercrime Profits

A Russian-linked money laundering network purchased a controlling stake in a bank in Kyrgyzstan on Christmas Day 2024. This acquisition was part of a scheme to launder cybercrime profits and convert them into cryptocurrency to evade sanctions supporting the Russian war effort in Ukraine, as reported by the UK's National Crime Agency (NCA). The network has been active in at least 28 UK locations, facilitating cash-to-crypto transactions.