Russian Supreme Court Classifies Illicit Crypto Use Under Money Laundering Laws

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The Russian Supreme Court has included the illicit use of cryptocurrencies in the list of criminal offenses related to money laundering, local legal news site Pravo reported on Tuesday, Feb. 26.

The court has introduced new amendments to the anti-money laundering (AML) decree issued in July 2015. These clarifications relate to Russian criminal code articles dedicated to the legalization of property acquired via criminal means.

According to Alexander Chervotkin, a judge who commented on the regulations, in the three years since the decree was signed, cryptocurrencies have become widely used by criminals. To prove that, the judge cited several cases in Russian legal practice where drug dealers converted crypto assets into fiat. Chervotkin concluded that, as such, the criminal code should take the new technology into account.

From now on, cryptocurrencies that were acquired via criminal means and then converted into fiat money will be considered as laundered funds and treated as a criminal offense.

Read the original article here: cointelegraph.com


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