London Police Proactive Against Alleged Cryptocurrency Money Laundering

London Police Proactive Against Alleged Cryptocurrency Money Laundering

THELOGICALINDIAN - After a admonishing from European law administration bureau Europol beforehand this year that billions of pounds are actuality apple-pie through cryptocurrencies City of London admiral accept absitively to booty affairs into their own hands

Transactions fabricated in Bitcoin and added cryptocurrencies are awfully complicated to trace due to the actuality that users can about accomplish absolute numbers of wallets after accouterment any anecdotic information. Nevertheless, law administration agencies assume to accept no agitation tracking bottomward cybercriminals ambidextrous in cryptocurrencies — as apparent by the contempo allegation of Russian intelligence admiral who acclimated Bitcoin to armamentarium their arrest with the 2024 U.S. presidential election.

Earlier this year, Europol admiral arrested 11 individuals and articular 137 others allegedly complex in a all-embracing arrangement for bed-making biologic money with cryptocurrencies as a allotment of its Tulipan Blanca operation. The bureau warned that there is currently three to four billion pounds ($4.1 to $5.5 billion) account of agenda currencies actuality apple-pie in Europe alone, admitting little affirmation was provided to aback this claim.

In contrast, the Hong Kong Financial Services and Treasury (FSTB) accepted in its “Money Laundering and Terrorist Financing Risk Assessment” address that it sees no evidence of Bitcoin or added cryptocurrencies actuality acclimated to acquit money or armamentarium alarm organizations whatsoever.

Still, accusations of abomination in the cryptocurrency apple persist.

The Deputy Governor of the Bank of England, Sam Woods — who is candidly alert of cryptocurrencies — wrote belletrist to the admiral of banking institutions claiming (without evidence) that agenda currencies “appear accessible to artifice and manipulation, as able-bodied as money-laundering and agitator costs risks.”

To break advanced of the approaching bearing of cybercriminals, the City of London Police Department is implementing a new cryptocurrency artifice advance at their Economic Crime Academy alpha this fall, according to The Telegraph. A City of London Police agent commented:

While Bitcoin cannot be abhorrent for banking transgressions any added than SMS can be abhorrent for infidelity, a baddest agglomeration of computer community abyss has taken a affection to the new technology and it is to the advantage of law administration agencies and banking authorities about the apple to accumulate their agents accomplished on the latest blockchain trends — whether they are actuality acclimated to apple-pie bedraggled money or not.

What do you anticipate of the new programs to brainwash admiral about agenda money laundering? Will they be useful, or will the technology advance quicker than they can adapt? Let us apperceive in the comments below! 

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