December 6, 2023

The Queens County Citizen

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Money laundering: Record cryptocurrency acquisition in the UK

Money laundering: Record cryptocurrency acquisition in the UK

London | Police in London have seized the largest cryptocurrency in the UK worth more than 130 million euros.

Detectives skilled in the money laundering investigation put the value at 114 million pounds (132.7 million euros) and police described it as “one of the biggest convulsions in the world”.

She said the operation was based on information received on the transfer of criminal assets.

“Cash is still king, but as technology and online platforms evolve, some are adopting more advanced methods of laundering their profits. Said in a statement.

In 2020/21, London police seized $ 47 million (approximately m 55 million) from criminals.

Cryptocurrencies such as bitcoin are regularly criticized by regulators for their illicit use because of the anonymity they allow and the ease of their use.

According to a Chinalysis report in February, cryptocurrency transactions for illicit purposes reached $ 10 billion in 2020, or 1% of total cryptocurrency activity last year and more than half of the previous year. When these activities reached a record high of $ 21.4 billion.

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