In what is believed to be one of the largest law enforcement investigations globally, the London Metropolitan Police, called the "Met," has seized nearly £180 million ($249.7 million) worth of cryptocurrencies.
This is the second significant seizure in recent weeks after the Met confiscated £114 million ($158 million) worth of crypto late last month.
The amount of the seized crypto over the two hauls totals £294 million (nearly $408 million).
As per the Met’s statement published on Tuesday, the seizures were carried out by the Met’s Economic Crime Command and form part of an ongoing investigation into international money laundering.
London Met Police Seize $158 Million in Massive Crypto Raid
London’s Met Police has seized $158 million worth of cryptocurrencies after investigating multiple money laundering offenses, per an announcement made yesterday. The seizure was carried out by the Met's Economic Crime Command. “The proceeds of crime are almost always laundered to hide the origin, but by disrupting the flow of funds before they are reinvested, we can make London an incredibly difficult place for criminals to operate,” said Met detective constable Joe Ryan. In the last financi...
Commenting on the matter, Detective Constable Joe Ryan described the investigation as “complex and wide-ranging,” adding that it “will continue for months to come as we hone in on those at the center of this suspected money laundering operation.”
A 39-year-old woman allegedly involved in the money laundering network was arrested on June 24 and interviewed about the recent seizures.
Cash is still the king, says Met
While the Met has once again emphasized that “cash still remains king in the criminal world,” the task force also said that “as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money.”
According to Deputy Assistant Commissioner Graham McNulty, just years ago crypto was a “fairly unchartered territory,” however, currently the law enforcement has “highly trained officers and specialist units working hard in this space to remain one step ahead of those using it for illicit gain.”
UK Crime Agency: Bitcoin Adoption Makes Life Easier For Criminals
The UK’s National Crime Agency has said that widespread crypto adoption is helping criminals to flourish. “Criminal use of technology is increasing, and the use of crypto assets to launder money has increased across several crime types,” the NCA said in its annual National Strategic Assessment of Serious Organised Crime, published earlier this week. Crypto firms have to register with the Financial Conduct Authority (FCA) and submit annual financial crime reports. While mainstream adoption of...
In its annual National Strategic Assessment of Serious Organized Crime, which was published this May, the UK's National Crime Agency (NCA) said it was worried by the increasing adoption of cryptocurrencies and technological advances in this field, which make it easier to launder criminal money.
“Those linked to this money are clearly working hard to hide it,” said McNulty, adding that the law enforcement “will stop at nothing to disrupt the transfer and identify those involved.”
