THE UK JUST PUT £500M INTO THE ANTI-MONEY LAUNDERING WAR. 💀
The UK government will invest £500M over 3 years in an anti-money laundering strategy and to recover illegal assets, while adding 500 personnel to the police, the NCA, and the Crown Prosecution Service.
Notably:
• The NCA estimates that more than £100B a year is laundered through the UK or via company structures in the UK
• The £500M comes from criminal economic tax collected from businesses under supervision
• Operation Destabilise targets Russian-speaking networks that turn illegal cash into crypto
• 119 suspects have been arrested in less than a year
• Seized more than £25M in cash + crypto assets
London: “Money laundering is getting too sophisticated.”
Crypto: “Wasn't me.”
NCA: “We literally have the blockchain.” 💀
A key point is that the UK government considers crypto + fintech + AI to be factors that are changing AML risk, so investigation resources are also being expanded.
£500M to hunt dirty money. 500 new people. And blockchain to track it.
#crypto #bitcoin #UK #aml
The UK government will invest £500M over 3 years in an anti-money laundering strategy and to recover illegal assets, while adding 500 personnel to the police, the NCA, and the Crown Prosecution Service.
Notably:
• The NCA estimates that more than £100B a year is laundered through the UK or via company structures in the UK
• The £500M comes from criminal economic tax collected from businesses under supervision
• Operation Destabilise targets Russian-speaking networks that turn illegal cash into crypto
• 119 suspects have been arrested in less than a year
• Seized more than £25M in cash + crypto assets
London: “Money laundering is getting too sophisticated.”
Crypto: “Wasn't me.”
NCA: “We literally have the blockchain.” 💀
A key point is that the UK government considers crypto + fintech + AI to be factors that are changing AML risk, so investigation resources are also being expanded.
£500M to hunt dirty money. 500 new people. And blockchain to track it.
#crypto #bitcoin #UK #aml
