The U.K.’s largest police force wants the ability to freeze criminals’ crypto assets. The police service is also lobbying the government for legislative changes that make it more difficult for criminals to transfer crypto assets.
Bitcoin is under scrutiny in the U.K., as the country’s largest police force called for new powers to freeze cryptocurrency assets just days after the financial watchdog said many crypto businesses weren’t meeting anti-money-laundering standards.
The police service is also lobbying the government for legislative changes that make it more difficult for criminals to transfer crypto assets, according to the report.“The conversations that we’re having is about how we align cryptocurrency to the same kind of approach that we have about cash-based criminality,” said Mick Gallagher, detective chief superintendent at Scotland Yard’s central specialist crime command, to the Times.
Since these assets aren’t issued or controlled by a central bank or official authority, their use is largely unregulated and outside of the sphere of government intervention. As such, they can be a popular money-laundering tool for criminals.Scotland Yard’s call for new powers to curb money laundering with cryptos comes just days after a warning about the practice from the Financial Conduct Authority, the U.K.’s financial regulator and watchdog.
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