Cashing cryptocurrency in the Russian Federation fell under the Criminal Code

Source: AP Photo / Kin Cheung

Today it became known that the cashing of cryptocurrency in Russia will now be controlled in accordance with the articles of the Criminal Code on money laundering, as reported by TASS.

The corresponding explanation was made by the plenum of the Supreme Court of Russia, which made changes to the decision of July 7, 2015 with explanations of the legislation on the application of articles of the Criminal Code of the Russian Federation on the legalization of property acquired by criminal means (Article 174 and 174.1 of the Criminal Code of the Russian Federation).

The judge of the Supreme Court of the Russian Federation, Alexander Chervotkin, said that the International Financial Action Task Force (FATF) Financial Action Task Force (FATF) "noted that there is an urgent need for all participating countries to take coordinated measures to prevent the use of virtual assets for criminal purposes."
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Russia is also a member of this group. The rule described above is also contained in the Council of Europe Convention on the Laundering, Detection, Seizure and Confiscation of the Proceeds from Crime adopted on May 16, 2005. Russia ratified it in 2017 (for the Russian Federation, it entered into force on January 1, 2018).

The judge also recalled examples of cases on the use of virtual currencies in the judicial practice of Russia: “We have specific convictions that found that criminal proceeds in cryptocurrency, including from the sale of narcotic drugs, were later transformed into monetary funds and withdrawn into circulation by withdrawing from bank accounts ".

The resolution of the plenum was also supplemented with an explanation that “the subject of the crimes provided for by articles 174 and 174.1 of the Criminal Code of the Russian Federation may also include funds converted from virtual assets (cryptocurrency) acquired as a result of a crime”.

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