Semen Kuksov (Photos: NCA/Miguela Xuereb)A Russian man who acquired Maltese citizenship in 2022 has been convicted in the UK for running a sophisticated money-laundering network that facilitated criminal activities worldwide.
Semen Kuksov, 24, described by the UK’s National Crime Agency (NCA) as operating a “professional banking service for criminals,” laundered millions of euros as part of a billion-dollar network supporting organised crime, including Russian ransomware attacks and UK drug operations.
Kuksov, who was granted Maltese citizenship under the controversial individual investor programme introduced by the Labour government led by disgraced former prime minister Joseph Muscat, coordinated money-laundering schemes with global reach.
Between July 2022 and September 2023, he and his associate Andrii Dzektsa laundered over €14 million within 74 days. Their methods included cash courier networks and cryptocurrency exchanges to move illicit funds across borders.
Kuksov ran professional service for criminals
The NCA revealed that Kuksov’s network used physical tokens—low-denomination banknotes with unique serial numbers—to facilitate cash handovers. These tokens, passed between parties during exchanges, ensured anonymity and efficiency. The scheme effectively allowed criminals to circumvent legitimate banking systems while ensuring their ill-gotten gains were available for use.
NCA Operations Manager Saju Sasikumar described Kuksov’s operations as integral to the functioning of organised crime: “Money laundering is often seen as a victimless crime, but without the services of people like Kuksov, criminal groups would struggle to access their profits, breaking their business model.”
Kuksov admitted to operating an underground cryptocurrency exchange to support these activities, a significant element of the scheme uncovered by the NCA’s Operation Destabilise.
Convictions and seized assets
In February 2024, Kuksov and Dzektsa were sentenced to five years and seven months, and five years in prison, respectively. Investigators seized over £1.3 million in cash and $500,000 in cryptocurrency linked to the network. Additionally, arrests made by the NCA and its international partners disrupted courier operations tied to the scheme.
One courier, Igor Logvinov, was apprehended by Irish police and sentenced to three years in prison. The NCA praised the coordination of international law enforcement in dismantling the network.
The Times of Malta and OCCRP previously highlighted Kuksov’s inclusion in Malta’s 2022 citizenship list, raising concerns over due diligence in vetting applicants.
Kuksov’s father, Vladimir, a Russian businessman who also acquired Maltese citizenship, has distanced himself from his son and denied any involvement. Meanwhile, Malta’s Community Malta Agency stated it was “reviewing” the case documentation but has yet to announce any outcomes.
Repubblika reiterates that sale of Maltese citizenship must end immediately
In reaction, anti-corruption NGO Repubblika said the sale of Maltese citizenship is a gateway to corruption and organised crime and must be halted immediately.
Reiterating its call for an immediate and permanent end to the sale of Maltese citizenship, Repubbika said “this incident is yet another in a long series of examples demonstrating that we are selling our citizenship to individuals who seek nothing more from Malta than a shield for their criminal intentions and activities. By doing so, Malta prioritises the financial revenue it generates while turning a blind eye to the victims of organised crime worldwide.”
It added that the Maltese government found solace in the Advocate General of the European Court of Justice opinion that it is not within the EU’s competence to interfere with Malta’s decisions on granting citizenship.
While noting that government anticipates that the European Court of Justice will uphold this opinion, Repubblika said “however, the fact that citizenship falls under the Maltese government’s jurisdiction does not justify selling it to individuals who have no genuine connection to Malta.”
“We reaffirm our long-standing position that the commodification of citizenship undermines its true essence. Citizenship should signify belonging to a republic and a community bound by shared rights and responsibilities. Instead, our government has reduced it to a commodity bought and sold, often to those who seek to exploit it for theft, deception, and the concealment of stolen wealth.”
