AIBC

British Police seize ₤114 million in crypto

Posted:Jun 28, 2021 09:10 Category: Crypto , Europe , Posted by
Stanley Yin

The British Police have seized ₤114 million in crypto, the largest in the UK, from a suspect’s account for what they say is a money laundering case

The specific crypto that was seized by the police has not yet been disclosed. No other information has been released and all that has been made public is that the case is being investigated by the Met’s Economic crime command. This is part of a wider strategy by the UK to clamp down on money laundering.

Commentators have noted that these actions run counter to the rhetoric by authorities that crypto is untraceable, and has widespread use in illicit activities. The British Police themselves have said that cash still remains the most used medium for money laundering, ₤47 million of which was seized in 2020-21. Whilst criminals are indeed getting more sophisticated in their methods, proper analysis of the situations is garnered.

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