$158,000,000 Worth of Crypto Seized by UK Police in Alleged Money Laundering Scheme
The United Kingdom’s Metropolitan Police (Met) unveils that it has made the largest cryptocurrency seizure in the country worth hundreds of millions of dollars as part of an ongoing investigation related to money laundering.
In a statement, the law enforcement division says it
confiscated $158 million worth of crypto assets after receiving reports about
the transfer of criminal assets.
Detective Constable Joe Ryan explains that criminals rely on
money laundering schemes in an effort to hide the origins of their ill-gotten
income. Otherwise, they risk losing the money to law enforcement.
Deputy Assistant Commissioner Graham McNulty says that while
cash is still king, technology and online platforms now allow criminals to use
more sophisticated methods to launder the proceeds of their illicit activities.
Although criminals are leveraging advanced technology to
hide their movements, McNulty says the police force has the talent and manpower
to stay ahead of the curve.
“We have highly trained officers and specialist units
working day and night to remain one step ahead.
These officers not only work to disrupt and seize funds
being transferred digitally, they continue to deprive criminals of hard cash.
In the financial year 2020/21, we have seized more than £47 million ($65.23
million) from the hands of criminals. This cash can no longer be reinvested in
crime, it cannot be used to buy and peddle drugs and weapons, and cannot be
used to entice and exploit young and vulnerable people into criminality.”
While the Met did not mention the cryptocurrencies involved,
the digital asset seizure already represents more than double the amount
confiscated by the police force in the previous financial year.
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