China will use cryptocurrency to move money from Dubai, US terrorists say

The Kinahan cartel is likely to start using cryptocurrency to divert its illegal profits out of Dubai, a leading US counter-terrorism group has claimed.

In April, the US government imposed sanctions on leaders of the Kinahan Organized Crime Group (KOCG), which had been operating openly in the Gulf state for years.

Following the announcement of the sanctions, Dubai officials also froze the cartel leader’s bank accounts.



The Sunday World previously revealed a comment Christy Snr and her two sons, Daniel and Christopher Jnr, are reportedly struggling to get their assets out of the Emirate.

But now a group of US-based security experts have argued that Irish mob bosses are likely to try to convert their assets into cryptocurrencies to avoid law enforcement detection.

The Counterterrorism Group (CTG) will also warn that sanctions alone will hardly be enough to stop the Kinahan cartel – and that the US will have to extradite the group’s leaders to stop mob activity.

They write : “[The] the sanctions will cause very little disruption to the KOCG’s criminal operations or affect its ability to generate funds due to its global illegal activities.

“KOCG is most likely exploiting weak controls against money laundering in the United Arab Emirates to hide the origin of its illicit finances, which is likely to generate additional funds for its criminal empire.

“Without extradition from the UAE, it is highly unlikely that law enforcement will be able to prevent Christopher Kinahan Sr. or his sons from carrying out their international operations.”

Counterterrorism Group describes itself as a global organization “focused on detecting, deterring and defeating terrorism and other threats”.

They also claim that increased cooperation between international authorities will have encouraged the gang to use cryptocurrency.

“Law enforcement will almost certainly be unable to detect illegal cash flows in the cryptocurrency market due to the decentralized nature of cryptocurrency,” the report said.

In the report of the group’s team for illegal finances and economic threats, the group also noted that the authorities in Dubai are unlikely to be able to stop the gang from carrying out its transnational criminal organization.


Diagram published by US officials from Kinahan Organized Crime Group

It comes after the OFAC sanctioned the mob following a major investigation involving An Garda Siochana, Britain’s National Crime Agency, European police forces and the DEA in the United States.

“Kinahan Organized Crime Group smuggles deadly drugs, including cocaine, into Europe and poses a threat to the entire legal economy because of its role in international money laundering,” State Secretary for Terrorism and Financial Intelligence Brian E. Nelson said in a statement. . 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, to the countries in which they operate.”

Under the sanctions, “all property and interests in property belonging to 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 affiliates in the UK and UAE mean that US banks, financial institutions and companies cannot do business with members of Chinahan’s organized crime group and the three designated companies.

A reward of up to $ 5 million was also offered for information that led to the financial disruption of Kinahan’s criminal organization or the arrest and / or conviction of Christopher Kinahan Snr, Christopher Kinahan Jnr and Daniel Kinahan.

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