In its latest report, the National Crime Agency of UK has seized ca. $32.7 million in crypto. The report was for the financial year 2021-22. The NCA works on the frontline to curb serious players in organized crime. According to the report, criminals have been able to increasingly exploit the crypto sector thanks to available tools and make a lot of money illegally. The Agency’s primary job is to protect the public and their money from criminals.
The report also offered details on property seized – it amounted to £59.7 million. Items included cash, valuables and vehicles purchased with funds generated through criminal activity. Cryptocurrency worth ca. £26.9 million was part of this seizure. According to the same report, criminals are using every available tool to make money and could harm the country’s economy.
According to Morgan Heavener, Partner at Accuracy Consultancy, the NCA is trying to keep up with criminals. The Agency is under pressure to move fast and stop crypto use in carrying out financial crimes as much as possible. The fact remains that there is very little regulatory oversight regarding crypto. This lack of oversight is making it easy and highly attractive for a criminal to move funds to any part of the globe. Authorities are always playing catch-up.
The good news is that British regulators have managed to seize sizeable crypto stashes over the past few years. In January 2022, UK police said that they seized ca. £320 million during criminal investigations between 2017-2022. In July 221 alone, Britain’s Metropolitan Police division managed to seize over £180 million in a money laundering investigation.
