Revealed This is further proof that Bitcoin can be used to launder criminal money

Bitcoin has been viewed as a platform for money laundering and crimes. The London Metropolitan Police has proven that money laundering is a crime committed with cryptocurrency.

Bitcoins worth around Rp. 114 million were confiscated by the police. 2.2.2 Trillion. This is part of an investigation into money laundering. The Star quoted the story Friday, 25/6/2021.

Scotland Yard’s Economic Crimes Command carried out the seizure. The seizure was successful because they were able to obtain intelligence about the transfer of criminal assets. Further investigation will be conducted.

“Every department of the Met works to reduce crime in London. This is our absolute priority.” Graham McNulty, Deputy Assistant Commissioner, said that financial investigations are also included in this effort.

He also said that money can be linked to violence. While money will always be the king, technology and online platforms allow for more advanced methods.

McNulty makes sure that his team stays one step ahead.

He said, “But we have trained specialists as well as units that work day and night to make it even more effective.”

It is not uncommon for money laundering to be done with Bitcoin in the UK. One example is that 50 crypto-asset trading companies could be shut down if they fail the money laundering test.

According to the UK Financial Conduct Authority (FCA), these results are indeed unprecedented. The company was also warned about its inability to comply with anti-money laundering regulations.

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Businesses whose licenses have been revoked should immediately cease trading until they comply with the standards and are added to the official list. Those who refuse to close their doors could face a fine or legal action from the FCA.