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British police seize £294m haul of cryptocurrency



CBN law to affect Mastercard's bitcoin, cryptocurrency adoption in Nigeria

The British police on Tuesday said it seized record hauls of cryptocurrency totalling £294 million ($408 million) as part of an investigation into money laundering after organised crime groups moved into cryptocurrencies to wash their dirty money.

The police in London said it seized £180 million of an undisclosed cryptocurrency less than three weeks after making a €114 million haul on June 24 as part of a money-laundering investigation.

Speaking on the development, Metropolitan Police Deputy Assistant Commissioner, Graham McNulty, said, “While cash remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.”

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Also, speaking on the seizure, Detective Constable Joe Ryan, said, “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.”

Meanwhile, a 39-year-old woman was recently arrested on suspicion of money laundering after the first haul was discovered and has been interviewed under caution over the £180 million discovery.

As cryptocurrencies are largely anonymous, convenient, and global, some of the world’s biggest criminal groups now use them as a way to launder money and stay one step ahead of the police, tax, and security forces.

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