UK Authorities Announces Seizure Worth £114 Million in Cryptocurrencies
The UK Metropolitan Police announced on June 24 that detectives from its Economic Crime Command has carried out a money laundering seizure valued at £114 million ($158.8 million), which is the largest cryptocurrency seizure in the UK and believed to be one of the largest globally.
According to the authority, the seizure was conducted on the back of intelligence received about the transfer of criminal assets.
Detective Constable Joe Ryan said: “Criminals need to legitimise their money otherwise it risks being seized by law enforcement. The proceeds of crime are almost always laundered to hide the origin, but by disrupting the flow of funds before they are reinvested, we can make London an incredibly difficult place for criminals to operate.”
Besides, Deputy Assistant Commissioner Graham McNulty stated that they had seized more than £47 million from the hands of criminals in the financial year 2020 and 2021.
Detailed information about the case is not provided in that the investigation is still underway.
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