British Authorities Seize Record $250 Million In Crypto In Money Laundering Raid

The Metropolitan Police has seized a record-breaking haul of cryptocurrency worth almost £180 million (US$249 million) in London, officials confirmed on Tuesday. It reportedly logs to be one of the largest ever seizures of cryptocurrency worldwide.

The illicit cryptocurrency was discovered on Saturday after the Met received intelligence relating to the transfer of criminal assets, Reuters reported.

It led to the subsequent arrest of a 39-year-old woman on June 24 on alleged money laundering offenses over the first £114 million (US$160 million) cryptocurrency haul that the force carried out in June as part of an ongoing investigation into international money laundering by the Economic Crime Command.

Police have moved to interview the suspect concerning the seizure of the second cache worth £180 million (US$249 million). She was granted bail until late July.

Cryptocurrency, an all-digital money system, consists of "coins" or "tokens" controlled by a decentralized ledger. Forbes noted that regulators have ramped up scrutiny of digital assets despite most cryptocurrency transactions being legitimate due to the spate of elaborate financial crimes targeting victims worldwide.

The Met, however, did not disclose what cryptocurrencies had been confiscated. No further information was also detailed on any illicit activities tied to the cryptocurrency other than on suspicions of money laundering activities.

“[The] seizure is another significant landmark in this investigation which will continue for months to come as we hone in on those at the center of this suspected money laundering operation,” Detective Constable Joe Ryan said.

Graham McNulty, the Met’s deputy assistant commissioner, noted on Tuesday that new technologies are paving the way for criminal operations to evolve.

“Cash still remains king in the criminal world, but as digital platforms develop, we’re increasingly seeing organized criminals using cryptocurrency to launder their dirty money,” he said in a statement, according to CNBC.

“Whilst some years ago this was fairly unchartered territory, we now have highly trained officers and specialist units working hard in this space to remain one step ahead of those using it for illicit gain,” McNulty added.