The UK National Crime Agency has reported that it seized millions of pounds’ worth of cryptocurrency last year. The announcement was revealed in the latest annual report released by the agency in which it describes its efforts to crack down on money laundering and organized crime. The agency has been dedicated to serious and organized crime as it pertains to cybersecurity and cryptocurrency over the past year. The year prior, no cryptocurrency was seized at all. This indicates the crime groups’ growing reliance on digital money to operate.
More virtual currency was seized than physical assets during the 2021-2022 report period. The issue is that some of these assets pay be liable to be returned, pending trials and sentencing. The National Crime Agency ranked tracking and confiscating digital proceeds as one of its core strategic priorities for the time period. The goal is to reduce the harm from economic crime caused to individuals and institutions.
Read More: UK Seizes Nearly $27m in Crypto-Assets