“Criminals need to legitimise their money otherwise it risks being seized by law enforcement. The proceeds of crime are almost always laundered to hide the origin, but by disrupting the flow of funds before they are reinvested, we can make London an incredibly difficult place for criminals to operate,” Detective Constable Joe Ryan said.
“There is an inherent link between money and violence. Violence is used to extort, blackmail, burgle, control and exploit. It’s used to protect criminal profits and maintain control of territories,” McNulty said.
McNulty said they had been focussing on highly training their officers and specialised units to try and stay one step ahead of the criminals.
“These officers not only work to disrupt and seize funds being transferred digitally, they continue to deprive criminals of hard cash. In the financial year 2020/21, we have seized more than £47 million (AU$87 million) from the hands of criminals,” he said.
“This cash can no longer be reinvested in crime, it cannot be used to buy and peddle drugs and weapons, and cannot be used to entice and exploit young and vulnerable people into criminality.”
Crypto crime on the rise
Cryptocurrency crime rates have been increasing exponentially as digital currency has become more popular.