In an international move to intensify the clampdown on those avoiding cryptocurrency sanctions imposed on Russia, the United States Internal Revenue Service (IRS) has joined forces with the blockchain intelligence company, Chainalysis. This collaboration aims to equip and guide U...
In an international move to intensify the clampdown on those avoiding cryptocurrency sanctions imposed on Russia, the United States Internal Revenue Service (IRS) has joined forces with the blockchain intelligence company, Chainalysis. This collaboration aims to equip and guide Ukraine’s law enforcement agencies to conduct comprehensive investigations to unveil those who are illicitly safeguarding their assets. This development follows more than a year after Russia’s invasive actions in Ukraine, which led to many high-profile Russian nationals hurriedly hiding their assets.
IRS offers advanced training to Ukrainian investigators
Yurii Vykhodets, the Head of the Cyber Department at the National Police of Ukraine, emphasized that one focal point is identifying and eliminating the support hubs for occupation forces that raise funds for war necessities. He noted, “We often see fundraising campaigns conducted with the use of cryptocurrency.”
Ukrainian authorities receive access to Chainalysis reactor
In addition to the training, the IRS disclosed that it facilitated Ukraine’s access to the Chainalysis Reactor, an investigative tool specifically designed by the blockchain intelligence firm for crypto investigations. The U.S. agency has provided Ukrainian authorities with licenses to utilize this tool, expected to be instrumental in tracking and identifying individuals attempting to evade Russian sanctions.
This cooperative effort follows numerous alerts from U.S. regulators and policymakers concerning potential sanction evasions and money laundering activities by Russian nationals. Through this partnership, the IRS, Chainalysis, and Ukraine signal a determined effort to combat illicit crypto activities and uphold the integrity of imposed sanctions.