London MET Police Seize $158 Million in Huge Crypto Raid



Briefly

  • London’s police pressure has seized over $150 million in laundered crypto funds.
  • The seizure comes amidst rising concern in regards to the function of crypto in crime.

London’s MET Police has seized $158 million value of cryptocurrencies after investigating a number of cash laundering offenses, per an announcement made yesterday. 

The seizure was carried out by the MET’s Financial Crime Command. 

“The proceeds of crime are nearly at all times laundered to cover the origin, however by disrupting the stream of funds earlier than they’re reinvested, we are able to make London an extremely tough place for criminals to function,” mentioned MET detective constable Joe Ryan. 

Within the final monetary yr, the MET seized over $65 million from criminals–a sum which officers remind can by no means be “reinvested in crime” nor can or not it’s used “to entice and exploit younger and weak individuals into criminality,” mentioned deputy assistant commissioner Graham McNulty. 

The brand new money-laundering entrance

The MET Police accompanied this assertion by re-emphasizing that “money stays king” in relation to monetary crime, though there’s a transfer to the digital area as know-how develops and falls into the fingers of criminals.

“We have now extremely skilled officers and specialist models working day and evening to stay one step forward,” McNulty added. 

This view is in step with findings from the UK’s Nationwide Crime Company (NCA), which lately printed its annual report on severe and arranged crime. In that report, the NCA mentioned that the broader adoption of Bitcoin might make life simpler for criminals. 

As a part of a wider pivot to new cash laundering strategies, the London MET beforehand informed Decrypt it was “very a lot conscious” of the monetary crime dangers related to non-fungible tokens (NFTs), notably how blockchain know-how permits customers—and supreme helpful house owners—to hide their identification.



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