A new negative record in the UK. Police confiscated cryptocurrencies worth 114 million pounds (about 132 million euros). that reports police.
The arrest is made possible by special police units focused on exposing money laundering networks. It is the largest seizure ever in the area and, according to the police force, is also likely to be one of the largest in the world.
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Bitcoin cannot be seized with the click of a button. In a stock exchange or a bank, the insistence of the authorities is often enough, but when you are under your own management, more must be done.
Police tracked the flow of funds after information about possible money laundering practices. The agents don’t exactly reveal the cryptocurrency. This “success” makes you want more, and the search will continue for the time being.
Detective Joe Ryan responds: “Proceeds from crime are always laundered to hide the origin. By disrupting the flow of money before it is reinvested, we can make London a very difficult place for criminals to operate.”
In short: more control and insight into the movement of money in London is needed to nip these kinds of things in the bud.
Ryan still calls money the king in the criminal circuit, but he also sees that more and more ways are being found to launder money.
Bitcoin als . tool
Bitcoin plays an insignificant role in these types of stories. If criminals are already using bitcoin, it essentially serves as a way to use the payment network without oversight.
Before BTC came into the picture, these types of practices were already underway, and money laundering and tax evasion were not a thing of the past few years. It makes handling money easier and more free, even for people you don’t like. It is money for enemies.
Bitcoin is not just a type of money suitable for scammers. The network is also available to millions of good citizens, but (oppressed) journalists and other parties also benefit from a different kind of money system.
At the same time, governments are putting in place various regulations and rules for introducing this new form of money into a judicial framework. And as you can read in this post: scammers are sometimes caught, as well as using cryptocurrencies.
