U.K Police Seized £114M In Crypto For Money Laundering

Scotland Yard reported the news of U.K police interfering in Money Laundering through Cryptocurrency use. According to sources it is believed that the amount of money involved in money laundering is about £114M.

The U.K.’s Metropolitan Police announced on 26 June, they catched a Money Laundering activity that was happening with the use of Cryptocurrency.

They seized around $160 million which is double of the amount of the whole 2020 seized amount of money in Anti money laundering activities.

The money was seized on the assumption that it was a case of Money Laundering. This case is under investigation and nothing much coming out about this news.

Intelligence received a tip of a high amount transaction and that was tied with a case of Money Laundering activity and then police came into action.

According to police the whole activity was going with the Help of Cryptocurrency in huge amounts. But currently they Will not reveal the actual Cryptocurrency used in this activity for privacy reasons, because investing is going on. 

After they solve this case fully, they will reveal everything.

So Economic Crime Command officials declined to talk anymore about this matter until the end of this investigation.

Graham McNulty who is Deputy assistant commissioner in Cryptocurrency & Anti money laundering activities stated that Cryptocurrency use in money laundering is a common thing. Since we can’t stop the use of Cryptocurrency but we have to work with more restrictions to stop Money Laundering activities because of Cryptocurrency use.

And also he said that ” cash currency” will always remain king but here in the present time we need to update & improve our financial system so that we can restrict these types of illegal activities easily.

Well here we can’t blame cryp for Anti money laundering because before Cryptocurrency there was gold and silver like assets which were most commonly used. But now Cryptocurrency use is going on at a tremendous level in such activities. 

A recent case regarding anti money laundering we can see, where a person who belongs to India was involved in AML, check the report here.

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