(Kitco News) London’s Metropolitan Police just seized a record $249 million (£180 million) worth of crypto in its latest operation, which is part of a bigger investigation into international money laundering.
This is one of the largest crypto confiscations globally and also beats the UK’s previous record of $158 million (£114million) set on June 24, the Met police said on Tuesday.
“Less than a month ago, we successfully seized £114 million [USD $158 million] in cryptocurrency. Our investigation since then has been complex and wide-ranging,” Detective Constable Joe Ryan said in a statement. “We have worked hard to trace this money and identify the criminality it may be linked to. Today’s seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the centre of this suspected money laundering operation.”
According to the statement, the Met’s Economic Crime Command made both crypto seizures after the team received intelligence about the transfer of criminal assets. A 39-year-old woman was arrested on June 24 in connection to the case. Since then, she was released on bail, the police said. That same woman was also questioned in relation to the latest crypto confiscation.
The investigation is still ongoing and it was not specified which cryptocurrency was seized. Cryptocurrencies are playing an increasing role when it comes to money laundering, said the Met’s deputy assistant commissioner Graham McNulty.
“While cash still remains king in the criminal word, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money,” he said in a statement. “Whilst some years ago this was fairly unchartered territory, we now have highly trained officers and specialist units working hard in this space to remain one step ahead of those using it for illicit gain.”
