Cryptocurrency

British authorities foil ‘biggest’ money laundering operation

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The Scotland Yard has just announced the successful seizure of £114M worth of bitcoin from an operation suspected to be connected with money laundering.

According to the UK Metropolitan Police, the latest confiscation, which is equivalent to $158 million, is the UK Police’s biggest “catch” yet, and one of the world’s biggest.

The large amount was more than double of what Scotland Yard had seized in the whole year of 2020. 

Thanks to a tip

The UK police have received a tip claiming that cryptos worth millions of pounds were being transferred which prompted the authorities to look into it. 

The Economic Crime Command was asked to comment about the latest seizure but declined to give further details, including the exact cryptocurrency involved.

Deputy Assitant Commissioner Graham McNulty said money laundering remains a big problem in the country, and admitted that criminals are slowly but surely moving away from cash and migrating into cryptos. 

According to him, criminals are becoming more sophisticated in using platforms that can transfer illegal money outside the authorities’ radar. 

Crypto-related crimes rising

With the rising adoption and influence of cryptocurrencies, criminals from various parts of the world have also realized the convenience of digital currencies.

In fact, in recent months, crypto-related crimes have gradually risen, proving that these new breeds of currencies can also be used as a tool for illegal activities. 

That is why authorities have increased their vigilance and have stepped up their efforts to prevent cryptocurrencies from being used in criminal operations. 

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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