The UK’s National Crime Agency (NCA) seized millions of pounds’ worth of cryptocurrency last year as part of its efforts to crack down on money laundering and serious and organized crime (SOC).
The NCA, which is the UK agency dedicated to tackling SOC, revealed in its latest annual report that during the period April 1 2021 to March 31 2022 it confiscated $26.9m in cryptocurrency assets, at prices calculated in March this year.
No cryptocurrency was seized at all the year before, indicating the growing importance of digital money to organized crime gangs.
In fact, more virtual currency was seized than physical assets (7m) or fiat currency (26m) over the 2021-22 report period. The caveat is that some of these assets “may still be liable to be returned,” according to the report.
Tracking and confiscating the digital proceeds of crime was central to one of the NCA’s core strategic priorities in 2021-22: reducing the harm from economic crime caused to individuals, the UK economy and...
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