UK police seize record $408 million in cryptocurrency in two money-laundering investigations in less than a month
London Police announced the seizure of a record $408 million in cryptocurrency in less than a month, as part of an ongoing investigation into money laundering, Euronews reported.
UK police seize record $408 million in cryptocurrency in a money-laundering investigation
According to London police, their recent arrest of $250 million in cryptocurrency comes less than three weeks after the arrest of $158 million in money laundering on June 24. The police did not disclose the type of cryptocurrency that was seized.
The incident stemmed from the detention of a 39-year-old woman, whom the police did not name, who was arrested – and then released on bail – for meaningful playing a central role in money laundering. She was carefully questioned after being suspected of abetting organized crime groups to move into crypto to wash their dirty money.
“While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money”, said Deputy Assistant Commissioner Graham McNulty, in a statement.
The investigation is not yet over and is expected to last several months more. Maybe the most recent crypto seizure was the UK’s largest ever – and could even be one of the world’s biggest.
The UK has been increasing restrictions on cryptocurrencies. Last week, two banks in the UK blocked customers from sending funds to Binance, after the financial regulator banned the exchange from providing certain services in the country. The U.K. Financial Conduct Authority has also said that many U.K. crypto companies failed to meet the requirements of anti-money laundering and counter-terrorist financing laws.
Cryptocurrency-related crime is on the rise around the world. In the U.K., crypto-related criminal activity grew by an average of 24% annually between 2016 and 2020.
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