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The U.S. Internal Revenue Service (IRS) said it is working closely with Ukraine to help it trace the crypto transactions of Russian sanctions evaders. The agency provides Ukrainians with access to a chain analysis tool as well as specialized training for Ukrainian law enforcement.
IRS offers Ukraine tools ranging from on-chain analysis to tracking Russian blockchain transactions
The U.S. Internal Revenue Service’s Criminal Investigations Division has announced that it is increasing its collaboration with counterparts overseas in efforts to identify individuals and entities evading Western sanctions.
The agency revealed it was working with blockchain forensics firm Chainalysis and Ukrainian investigators to track Russians who may be using cryptocurrencies to hide their assets amid financial restrictions imposed during the invasion of Ukraine. by Moscow.
According to a Bloomberg report, the IRS is sponsoring Ukraine’s access to a Chainalysis tool facilitating crypto-related probes. He has also held training sessions for law enforcement across the country, both virtual and in-person, on tracing blockchain transactions.
These efforts should improve information sharing and case development between the United States and Ukraine, the tax service explained in a statement. Commenting on the cooperation, IRS Criminal Investigations Chief Jim Lee noted:
Sharing tools not only protects the US financial system, but also the global economy.
Authorities around the world have issued warnings that sanctioned countries like the Russian Federation and Iran could use crypto to circumvent international restrictions. Another Bloomberg report recently revealed that the world’s largest crypto exchange, Binance, is under investigation by the US Department of Justice over alleged violations of Russian sanctions.
According to Michael Gronager, co-founder and managing director of Chainalysis, crypto is still too illiquid to allow for mass sanctions evasion, but it is happening on a smaller scale. Work to determine how much of the Russian oligarch’s money is transiting through Ukraine continues, he added.
Gronager also noted that cryptocurrency is playing an unprecedented role in the war through donations in favor of both sides. About $5 million has been transferred to about 100 pro-Russian groups over the past year, he pointed out as an example. Most crypto assets sent from Russian-sponsored wallets reach centralized exchanges, according to a March study.
Ukraine and the United States have worked together on other crypto-related fronts. Supported by US law enforcement, Ukrainian police have disrupted a network of crypto exchange services suspected of laundering criminal proceeds from ransomware attacks and fraudulent schemes, announcing the closure of 9 such platforms at the start of May.
Tags in this story Blockchain Transactions, Chainalysis, conflict, Crypto, crypto transactions, Cryptocurrencies, Cryptocurrency, IRS, restrictions, Russia, Sanctions, sanctions evasion, Tools, tracing, Tracking, Ukraine, United States, War
Do you think the US and Ukraine will further expand their cooperation on tracking Russian crypto transactions? Tell us in the comments section below.
Lubomir Tassev
Image credits: Shutterstock, Pixabay, Wiki Commons
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