The increasing use of cryptocurrency to launder black money in London has reached a new high, with $250 Million of an undisclosed cryptocurrency caught by the British Police today. The cryptocurrency money laundering racket is expanding at an exponential speed.
The last dirty crypto money swindle was caught less than a month ago on 24th June, with approximately $158 Million worth of illegal money in form of cryptocurrency.
This $250 Million has been the largest amount of laundered money in the form of crypto seized by the British Police, and the amount seems to be increasing upon every follow-up seizure.
“While cash remains king in the criminal world, as digital platforms develop we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money,” Graham McNulty, Metropolitan Police Deputy Assistant Commissioner told Reuters on Tuesday.
British Police Quite Consistent in Nabbing Money Laundering Rackets
The British Police has been consistent with frequent capturing of several money-laundering rackets as part of their investigation on the mission against illegal money laundering.
The suspect who was arrested for the former $158 Million hauls, a 39-year-old woman, has been brought in again for questioning for the $250 Million crypto money laundering racket. However, the police department of London has not made any official statements about any relevant leads or discoveries from her investigation yet. Nevertheless, the department finds themselves closer to the ultimate wind up as more and more rackets are discovered and seized.
“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 center of this suspected money laundering operation,” Detective Constable Joe Ryan told Reuters.
Cryptocurrency transactions are harder to trace and easier to make, allowing dangerous criminals to conveniently launder illegally attained money from any corner of the globe. One of the reasons crypto has been under scrutiny in many countries has to do with the criminal potential of a decentralized system.