By Shelly Melancon (Switzerland)
Today, the UK Metropolitan Police have revealed that it has confiscated one of the largest worth of cryptocurrencies to date. The amount seized by the Scotland Yard in the whole of last year is twice less than the about $159 million that it confiscated during this raid. Scotland yard officials revealed that the amount is linked with a suspected money-laundering operation which it had been investigating for some time now.
The officials swung into action after an intelligence tip of a large amount of crypto transfers linked with the group it was investigating. However, no officials revealed which of the cryptocurrencies was confiscated or whether it was a mix of various cryptocurrencies. The deputy assistant commissioner, Graham McNulty, opined that there is a need to find an adequate and permanent solution to the thorny issue of cryptocurrencies and money laundering.
McNulty said, “even though most money launderers still prefer cash, most of them are now utilizing advancements in technology and digital currency platforms for money laundering purposes. However, our team of highly trained officials keeps working round the clock to ensure that they are always a step ahead of these criminals.”
He further said that the entire metro police would keep working hard to combat financial frauds and other violent crimes in London and its metropolis. McNulty says, “violence and money are related.”
Also read:Crypto-Related Crimes Becoming More Prevalent
Crimes involving cryptocurrencies have been rising as the popularity and adoption of these virtual assets keep rising. Hence, financial authorities have increased their scrutiny to protect the citizens’ investments from fraudulent crypto activities. Three days ago, South Korean financial regulators report that it had seized about $51 million worth of virtual currencies from over 12,500 citizens who have been evading tax payments.
They also reported that the amount they obtained is the largest they’ve ever obtained from tax defaulters. The result of the investigation was a result of investigating almost 155,000 South Korean tax defaulters. But investigators focused on these 12,000 after discovering that they owned crypto wallets and were eventually forced to pay their back taxes.
You would also recall that the US Department of Justice announced that it had made the largest crypto seizure in history when it seized about $1 billion worth of crypto from silk road wallet. Then, recently it seized about $2.5 million worth of bitcoin in a ransomware attack on Colonial Pipeline Infrastructure.
UK Bank Set to Ban Crypto Transactions
Leading UK bank TSB has announced that it would no longer allow its customers to carry out crypto-related transactions. The bank’s decision comes from the high rate of crypto-related fraud transactions recorded in recent times.
The bank further specified that two exchanges, namely, Binance and Kraken, do not have standard security operations. Hence, fraudsters often use their platform for nefarious financial activities. A survey has estimated that at least 5 million TSB customers will be affected by this decision from TSB.
TSB tweet announcement. Source: Twitter
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