Record cryptocurrency seizure for laundering in the UK

cryptocurrencies will cause the next financial crisis22

In the framework of a money-laundering investigation, the London police announced that they had made the largest cryptocurrency seizure worth $160 million.

London police said on Friday have made the largest seizure of cryptocurrencies in the UK, worth almost $ s160 million under investigation for money laundering.

In early June, the UK issued a strong warning about cryptocurrencies and money laundering. The British financial control body warned that most of the companies do not comply with its standards in that sense or in those referring to anti-terrorism.

In regards to this seizure, specialized money laundering agents seized the cryptocurrencies valued at 114 million pounds (€133 million or $158.5 million) in what the police described as “one of the largest seizures in the world”, without specifying the type of cryptocurrencies.

The operation was carried out based on information received about the transfer of criminal assets, he explained.

“Cash is still king, but as technology and online platforms develop, some are adopting more sophisticated methods to launder their profits,” Police Chief Graham McNulty said, quoted in the statement.

“But we have highly trained agents and specialized units working 24 hours a day to stay one step ahead,” he added.

Cryptocurrencies such as bitcoin are the target of frequent criticism because, thanks to their anonymity and ease of use, they are used for criminal purposes such as money laundering.

According to a Chainalysis report published in February, cryptocurrency transactions for illegal purposes reached $10 billion in 2020, or 1% of total crypto activity for the entire year.

In 2019, this activity reached a record figure of US $21,400 million.