British police signed one of the largest cryptocurrency operations in UK history. Detectives working on a money laundering case found £114m worth of cryptocurrencies in a suspect’s account.
One of the world’s largest operations
The UK’s Metropolitan Police Service (MPS) announced on Thursday that expert detectives acting on intelligence on the transfer of crime funds have seized £114m (over $158m) in cryptocurrencies. The agency responsible for law enforcement in the Greater London area described the operation as the largest cryptocurrency seizure in the UK and one of the largest in the world.
The digital assets were seized as part of an ongoing money laundering investigation conducted by the Met’s Economic Crime Command. Police officials did not provide further details, including the type of cryptocurrency seized. “Criminals need to legitimize their money, otherwise they risk being seized by law enforcement,” said Detective Joe Ryan. said.
Proceeds of crime are almost always laundered to disguise their source, but by cutting off the flow of funds before reinvesting, we can make London an incredibly tough place for criminals to work.
This money cannot be used again for criminal activities.
“Every single part of the Met is working to reduce violence on the streets of London as an absolute priority, including our financial investigators,” said Deputy Commissioner Graham McNulty. He emphasized that there is a natural link between money and violence.
McNulty added that police officers not only try to disrupt the digital transfer of illegal funds, but also try to deprive criminals of cash. In the 2020-2021 financial year, investigators discovered and seized over £47m ($65m). “This money can no longer be reinvested in crime, used to buy and sell drugs and weapons, and not be used to decriminalize and exploit young and vulnerable people,” the senior official said.