UK: Police seize bitcoin worth £300,000 in money laundering investigation
09 Jan 2018

Leicestershire Police have seized 26 bitcoins and other assets worth £1 million from an individual allegedly linked to an ongoing money laundering investigation.

A police spokesman told KYC360 that the East Midlands Special Operations Unit had assisted the force with recovering the bitcoin and also assessing it’s value, which is estimated to be around £300,000.

Paul Wenlock, head of the force’s economic crime unit, said: “This is part of an ongoing investigation into alleged money laundering. A person has been arrested and released under investigation.

“We robustly enforce the Proceeds of Crime Act and are always looking for information which will lead us to criminal assets.”

The seizure of the cryptocurrencies is a key development for the law enforcement agency.

A report published last year explained that although cryptocurrencies, mainly bitcoin, are a popular choice for criminals, law enforcement lacks experience in conducting effective investigations and prosecutions.

“There is currently a lack of experience in law enforcement agencies in conducting effectively investigations and prosecutions of crimes involving cryptocurrencies. UK law enforcement needs to coordinate a more strategic approach to counter the threat,” the N8 report stated.

You can claim CPD minutes for reading this article, by signing up to our CPD Wallet

FREE CPD Wallet
Must Read

Bearing witness to financial crime, across party lines

If it seems like an odd recipe for financial oversight, it’s also a surprisingly effective one: take five to ten congressional staffers, exile them to a squalid basement office with “hard-boiled” charm in the U.S. Senate’s oldest building, give them access to subpoena powers and a seemingly endless series of… Read More

Anti-money laundering analysis: UK FCA and EU blacklists update

A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More