The Kinahan cartel is likely to start using cryptocurrency to move its illicit profits out of Dubai, a leading US anti-terror group alleges.
In April, the US government imposed sanctions on leaders of the Kinahan Organized Crime Group (KOCG) who had worked openly for years in the Gulf country.
After the sanctions were announced, Dubai officials also froze the cartel leader’s bank accounts.
The Sunday World newspaper previously revealed how Kristi Senner and her two sons, Daniel and Christopher Jenner, are striving to get their assets out of the principality.
But now, a group of US security experts have claimed that Irish gang leaders are likely to try to convert their assets into cryptocurrency to avoid detection by law enforcement.
The Counter-Terrorism Group (CTG) also warns that sanctions alone are unlikely to be enough to stop the Kinahan cartel – and that the US will have to hand over the group’s leaders to end gang activity.
they write: “[The] Sanctions will cause very little disruption to KOCG’s criminal operations or affect its ability to generate funds due to its global illicit activities.
KOCG will likely take advantage of weak anti-money laundering controls in the UAE to hide the assets of its illicit financial resources, potentially generating additional funds for its criminal empire.
“Without an extradition from the UAE, it is highly unlikely that law enforcement authorities will be able to prevent Christopher Kinahan Sr. or his sons from conducting their international operations.”
The Counter-Terrorism Group describes itself as a global organization that “focuses on detecting, deterring, and defeating terrorism and other threats.”
They also claim that increased cooperation between international authorities will encourage the gang to use cryptocurrency.
“It is almost certain that law enforcement will not be able to detect illicit financial flows in the cryptocurrency market due to the decentralized nature of cryptocurrencies,” the report says.
In the report prepared by the group’s Illicit Finance and Economic Threats team, the group also indicated that it is unlikely that the authorities in Dubai will be able to prevent the gang from carrying out its transnational criminal organization.
This comes after the Office of Foreign Assets Control (OFAC) imposed sanctions on the mob following a major investigation involving An Garda Siochana, the UK’s National Crime Agency, European Police Forces and the US Drug Enforcement Agency.
Undersecretary for Terrorism and Financial Intelligence Brian E. The measures were announced in April.
“Criminal groups like the KOCG prey on the most vulnerable in society and bring drug-related crime and violence, including murder, into the countries in which they operate.”
Under the sanctions, “all property and interests in property of the designated persons or entities that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC.”
Sanctions against the Kinahan gang and its associated companies in the UK and UAE mean that US banks, financial institutions and corporations cannot do business with members of the Kinahan organized crime group and the three companies identified.
A reward of up to $5 million has also been offered for information leading to the financial disruption of the Kinahan criminal organization or the arrest and/or conviction of Christopher Kinahan Snr, Christopher Kinahan Jenner and Daniel Kinahan.
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