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UK Metropolitan Police (Met) reveal they have made the country’s largest cryptocurrency seizure worth hundreds of millions of dollars in ongoing money laundering investigation ‘silver.
In a statement, the law enforcement division said it confiscated $ 158 million in crypto assets after receiving reports of the transfer of criminal assets.
Detective Constable Joe Ryan explains that criminals rely on money laundering schemes to try to hide the origin of their ill-gotten income. Otherwise, they risk losing money to law enforcement.
Assistant Deputy Commissioner Graham McNulty said that while cash is still king, technology and online platforms now allow criminals to use more sophisticated methods to launder the proceeds of their illicit activities.
Although criminals use cutting edge technology to hide their movements, McNulty says police have the talent and manpower to stay ahead of the game.
We have highly trained officers and specialized units working day and night to stay ahead of the game.
These agents not only work to disrupt and seize digitally transferred funds, they continue to deprive criminals of hard cash. In fiscal year 2020/21, we seized over $ 47 million ($ 65.23 million) from the hands of criminals. This money can no longer be reinvested in crime, it cannot be used to buy and sell drugs and weapons, and it cannot be used to lure and exploit young people and the vulnerable in crime.
While the Met did not mention the cryptocurrencies involved, the seizure of digital assets is already more than double the amount confiscated by police in the previous fiscal year.
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Featured Image: Shutterstock / Vlad L
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