As part of an ongoing investigation into money laundering, the Metropolitan police have seized approximately £114 million in Cryptocurrency.
The confiscation is the largest in the UK, and amongst the largest in the world. Bitcoin connects to the darknet market place, a commercial website on the dark net. Silk Road, the first modern darknet market, was closed in 2013.
Graham McNulty, Deputy Assistant Commissioner, says the investigation of financial corruption is part of the ongoing work to “reduce violence on the streets of London as a priority”. This is because of the specific “inherent link between money and violence”. As a result Specialists Units are working with highly trained police officers so they can stay ahead of the sophisticated methods of laundering profits.
For example, following an 8 year investigation, Birmingham police seized over £17 million in property. “Dirty money” was used to acquire these building. In 2018, the Government began new measures to fight cyber crime including the creation of the Unexplained World Order. As a result of this order gives authorities the power to demand a person or company got their money from.
They are hoping that, by interrupting the flow of money, they can make the streets of London difficult for Criminals.
What is Cryptocurrency?
The Metropolitan Police will not reveal what type of Cryptocurrency they are seizing. Cryptocurrency is an online, or digital, form of currency. It is not a physical form of money and therefore does not have a central authority who regulate it.
On the whole many users of cryptocurrency experience little problems. However Cyber crime sis on the rise.
It is important to note Cryptocurrency is not real money, it only exists on computers. Cryptocurrency was a hype that would fade. Despite this, Bitcoin is going from strength to strength. The market value of Cryptocurrency changes day to day, depending on what people are willing to pay for it.
The digital world of instant transactions have left users vulnerable to tax avoidance, money laundering and bribery. As a result of this, fraudsters continually manipulate the cryptocurrency market. In addition to the manipulation, there are also pump and dump schemes, money laundering, scam initial coin offerings and Ponzi schemes amongst other crimes.
The links between cyber crime and cryptocurrency is an ongoing problem. The Metropolitan police are working with other agencies in a bid to catch criminals online. They are working with cyber agency Elliptic after the discovery of over 7,000 cryptomining machines.
Elliptic founder Tom Robinson, talking to The Net Web, says they “provide tools” to financial institutions and cryptocurrency exchanges to “help screen transactions for links to criminals”. Facing constantly changing exchange tools, the Elliptic founder says he hopes “increasing implementation of anti-money laundering will result in fewer and fewer criminals.”
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