U.K Police Seize £114M in Bitcoin Tied to Money Laundering
Matthew De Saro, 26 June 2021
Scotland Yard announced the seizure of £114 Million ($158 million) from a suspected money-laundering operation.
The U.K.’s Metropolitan Police announced today the force’s biggest cryptocurrency confiscation to date and one of the largest in the world. The nearly $160 million dollars confiscated are more than double the amount seized by Scotland Yard in all of 2020. The money seized is allegedly tied to a money-laundering ring that officials have been investigating.
The police discovered the massive nest egg after intelligence received a tip of a large amount of crypto being transferred that was tied to criminal activity. The investigation is ongoing.
Officials from the Economic Crime Command declined to comment about which cryptocurrencies exactly had been among the confiscated funds.
According to Graham McNulty, the Deputy Assistant Commissioner, cryptocurrencies and money laundering are a major issue that needs to be resolved. “Cash remains king, but as technology and online platforms develop, some are moving to more sophisticated methods of laundering their profits. But, we have highly trained officers and specialist units working day and night to remain one step ahead.” McNulty added that the whole Metro Police will be working to reduce violent crime in London, and that includes financial investigations. ‘There is an inherent link between money and violence,’ McNulty says.
