Police seize £300 million in cryptocurrency as part of a raid on money launderers.
As part of a money laundering investigation, police recovered cryptocurrencies worth £294 million.
The Met stated today that they have recovered £180 million in an unknown cryptocurrency, less than three weeks after seizing £114 million in a money laundering probe on June 24. “While cash remains king in the criminal world, as digital platforms evolve, we’re increasingly seeing organized criminals use cryptocurrency to launder their dirty money,” said Deputy Assistant Commissioner Graham McNulty.
“While this was relatively uncharted ground a few years ago, we now have highly trained police and specialist units working hard in this space to stay one step ahead of those seeking unlawful gain.”
“The detectives on this case have worked relentlessly and carefully to trace millions of pounds in cryptocurrency suspected of being linked to criminality and now being laundered to obscure the trail,” he continued.
“Those with ties to this money are certainly trying to conceal it.
“We will go to whatever length to impede the transfer and identify individuals involved,” says the investigator.
As a result of intelligence about the movement of illegal assets, detectives from the Met’s Economic Crime Command made the seizures.
They’re part of an ongoing investigation into money laundering on a global scale.
After the initial haul was discovered, a 39-year-old woman was detained on suspicion of money laundering and has been questioned under oath about the £180 million find.
She has been bailed till the end of July.
“Today’s seizure is another key milestone in this investigation, which will continue for months as we focus in on people at the heart of this suspected money laundering operation,” Detective Constable Joe Ryan said.
“Because cryptocurrencies are essentially anonymous, convenient, and global in nature, some of the world’s most powerful criminal organizations have placed significant bets on them as a means of money laundering and staying one step ahead of the police, tax, and security forces.”
In May, Conservative MP Philip Davies sent Chancellor Rishi Sunak a written question, asking him “what assessment he has made of the average length of time taken for the Financial Conduct Authority to process applications for anti-money laundering/counter-terrorist financing crypto asset registration.”
“The UK is committed to having a robust AML regime,” Treasury Minister John Glen responded. Brinkwire Summary News