🔥 UK Backs Money Laundering Crackdown With $676M and 500 New Officers.
The money funds a new Anti-Money Laundering and Asset Recovery Strategy and comes from the economic crime levy on regulated firms. Officers will be spread across police forces, the National Crime Agency and the Crown Prosecution Service. The NCA reckons more than 100 billion is laundered through the UK or British corporate structures each year, and the threat has grown in recent years from the rise of fintech, crypto and AI, the Home Office said. The officers will build on Operation Destabilise, the investigation into Russian-speaking networks that convert street cash into crypto for organised crime groups, the Home Office said.
The NCA plans a fresh campaign of arrests and cash seizures against networks it says enable ransomware groups, hostile states and the class A drugs trade. It puts the operation's tally so far at 119 suspected launderers arrested and more than 25 million seized in cash and crypto in under a year. The NCA asked for this in public last week. Its economic crime centre said in its annual report that criminals were making innovative use of crypto asset products to evade detection and move illicit value at scale, and that it wanted to expand the Destabilise model to other networks while building a more proactive and intelligence-led crypto capability.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
$BTC $ETH
#SECryptoRegulation #AICryptoIntegration #CryptoMarkets
The money funds a new Anti-Money Laundering and Asset Recovery Strategy and comes from the economic crime levy on regulated firms. Officers will be spread across police forces, the National Crime Agency and the Crown Prosecution Service. The NCA reckons more than 100 billion is laundered through the UK or British corporate structures each year, and the threat has grown in recent years from the rise of fintech, crypto and AI, the Home Office said. The officers will build on Operation Destabilise, the investigation into Russian-speaking networks that convert street cash into crypto for organised crime groups, the Home Office said.
The NCA plans a fresh campaign of arrests and cash seizures against networks it says enable ransomware groups, hostile states and the class A drugs trade. It puts the operation's tally so far at 119 suspected launderers arrested and more than 25 million seized in cash and crypto in under a year. The NCA asked for this in public last week. Its economic crime centre said in its annual report that criminals were making innovative use of crypto asset products to evade detection and move illicit value at scale, and that it wanted to expand the Destabilise model to other networks while building a more proactive and intelligence-led crypto capability.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
$BTC $ETH
#SECryptoRegulation #AICryptoIntegration #CryptoMarkets