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- A 39-year-old woman was interviewed in connection with the fresh seizure after being arrested on suspicion of money laundering on June 24
- Senders and recipients of money can benefit from the anonymity provided by cryptocurrency transactions
- The Metropolitan Police Department did not specify which cryptocurrencies were taken
In London, the Metropolitan Police Service (Met Police) has seized a record £180 million in cryptocurrencies linked to international money laundering. The seizure is the greatest of its kind in the UK, surpassing the previous record of £114 million in bitcoin confiscated by the Met on June 24. A 39-year-old woman was interviewed in connection with the fresh seizure after being arrested on suspicion of money laundering on June 24.
Money laundering using Cryptocurrencies
The National Crime Agency warned in May that criminals were increasingly using cryptocurrencies to enable money laundering in the last year, at least in part due to the pandemic making it more difficult to move cash. While cash is still king in the criminal world, as digital platforms advance, we’re seeing more and more organised criminals use bitcoin to launder their dirty money. Graham McNulty, Deputy Assistant Commissioner of the Metropolitan Police Department, remarked
After the first 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 pound find. According to a report published in May, criminals are increasingly using crypto assets to acquire and sell commodities such as drugs on the dark web’s online markets.The Met’s ‘economic crime command’ acted after obtaining intelligence concerning the transfer of illegal assets, according to a statement from the force. The type of currency confiscated was not disclosed by the Met.
MET Police keeping an eye on Crypto filthy transactions
On June 24, a 39-year-old woman was detained and freed on bail on suspicion of money laundering. The same woman was questioned under oath in connection with the investigation and has been released on bail until late July. As we home in on people at the heart of this suspected money laundering enterprise, Detective Constable Joe Ryan expects the inquiry to last for months.
Although cash still reigns supreme in the criminal world, according to Deputy Assistant Commissioner Graham McNulty, investigators are increasingly seeing crypto used to launder filthy money. While this was a relatively uncharted area a few years ago, we now have highly trained officers and specialist groups working hard in this space to stay one step ahead of those utilising it for criminal benefit, he added.
Bitcoin transactions give senders and recipients of money more anonymity because, while all transactions are recorded in a massive ledger, the wallet addresses of persons involved in transactions do not contain any personally identifiable information.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
