Laura WilesThe Office of Financial Sanctions Implementation (OFSI) and its UK law enforcement and regulatory partners have clamped down on the abuse of cryptoassets.
OFSI has recently partnered with the Crypto Cash Fusion Cell (CCFC) to target criminal funds linked to sanctions offences. CCFC is a pilot initiative combining OFSI, NCA, HMRC, FCA, Metropolitan Police Service and City of London Police. The collaboration also involves private sector partners such as blockchain analytics provider Elliptic
After OFSI shared detailed intelligence with the CCFC on specific, prioritised targets, action has been taken against potential breaches of financial sanctions involving cryptoassets by UK-based individuals.
The partnership wants to make clear that the use of cryptoassets to evade sanctions is treated no differently to the exploitation of traditional currencies.