UK Allocates £500 Million to Tackle Crypto-Related Money Laundering
- The UK will recruit 500 officers across police forces, the National Crime Agency (NCA), and the Crown Prosecution Service.
- A £500 million fund from the economic crime levy will support this initiative over three years.
- Operation Destabilise has already led to the arrest of 119 suspected launderers and seizure of over £25 million in cash and crypto.
- The NCA estimates that more than £100 billion is laundered annually through UK or British corporate structures.
- Cryptoassets rank third among nine economic crime priorities agreed with the Treasury and Financial Conduct Authority.
The UK’s new strategy aims to combat money laundering facilitated by crypto technologies, building on existing operations like Destabilise that target Russian-speaking networks converting street cash into digital assets for organized crime groups.
With a significant investment from the economic crime levy, this initiative underscores the growing importance of tackling financial crimes involving cryptoassets. The government reports nearly £350 million stripped from criminals last year alone, highlighting ongoing efforts to disrupt illicit financial activities. (Source)
