In a recent development, the British Metropolitan police have confiscated a tremendous amount of £180m worth of cryptocurrency that has broken all previous records. Just shortly before this, Scotland Yard had seized £114m value of crypto.
The law enforcement authorities in the UK announced capturing a record-breaking amount of cryptocurrency in an ongoing investigation of international money laundering.
As per the detectives, they have seized almost £180 million (close to $250m). However, the detectives didn’t go into any further details, such as what type of cryptocurrency was seized and how they seized it.
UK’s Metropolitan police service (MPS) issued a press release in the morning today (Tue, Jul 13th) on their website. That stated, “It is believed to be the largest capture of such a large sum of cryptocurrency done by Metropolitan police on Thu, June 24th.”
As per Scotland Yard, these confiscations were conducted by the branch of MPS called Economic Crime Command. The investigation team took action on a piece of intelligence information received by the British Police concerning to transfer of criminal assets.
Detective Constable Joe Ryan said, “We successfully seized £114 million less than a month ago. Since then, our investigation has been complex and wide-ranging.” He also said that his colleagues worked hard to trace the money and recognize the criminal acts it may be linked to. He further said:
“Today’s seizures is another vital milestone in this investigation. This will continue in future months to come as we hone in on those at the center of this assumed money laundering operation”.
According to the investigation, police arrested 39 years old woman who is suspected to have been involved in money laundering. She was interviewed on Sat, Jul 10th, in connection to the discovery of £180 million cryptocurrencies. However, she has been released now on bail until late July, but the date is undefined.
The spread of money laundering and other crimes through crypto assets is very well understood by the governments and can lead to the funding of other crimes too. For the same reason, Russian lawmakers are amending their crypto laws and presented a bill to confiscate crypto assets.
Scotland Yard has also improved its expertise in the realm of Cryptocurrency. Graham McNulty, the Deputy Assistant Commissioner stated that gains from crime can be laundered in various ways. The development of digital platforms has enhanced the laundering of dirty money from organized crime, while Cash still is the “king” in the criminal world.
MacNulty further noted that:
“Although it was somewhat an unchartered world some years ago. However, we now have highly trained specialist units and qualified officers in the Crypto world. They are working day and night to stay one step ahead of such elements who use Crypto for unlawful earnings.”