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8,000,000 Worth of Crypto Seized by UK Police in Alleged Money Laundering Scheme

$158,000,000 Worth of Crypto Seized by UK Police in Alleged Money Laundering Scheme

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Source: Daily Hodle

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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The post $158,000,000 Worth of Crypto Seized by UK Police in Alleged Money Laundering Scheme appeared first on The Daily Hodl.

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Author: Daily Hodl Staff