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Detectives investigating money laundering seize crypto-currency worth £114 million

·1-min read
New Scotland Yard (PA Archive)
New Scotland Yard (PA Archive)

Detectives investigating money laundering have seized crypto-currency worth £114 million - the largest seizure of its kind in the UK.

It was seized by officers from the Metropolitan Police’s Economic Crime Command investigating the transfer of criminal assets.

Detective Constable Joe Ryan said: “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.”

The investigation is going on and Deputy Assistant Commissioner Graham McNulty said the seizure would have a direct effect on the Met’s “absolute priority” of reducing violence on the streets of London.

He 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.

“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.

“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 from the hands of criminals.

“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.”

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