The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

EUR 27 Million Worth Crypto Assets Seized by the NCA in Money Laundering Crackdown

27 eur seized

NCA seizes crypto assets worth £27m last year in a major money laundering crackdown

Although institutional acceptance of cryptocurrencies is increasing, the National Crime Agency (NCA) recently confiscated crypto assets worth £27 million, highlighting how criminal activity continues to be a major use for cryptocurrencies.

In its annual report, the NCA linked cryptocurrencies to the possibility of money laundering and cited the Russian invasion of Ukraine as a reason to be concerned about the unauthorised transfer of cryptocurrency assets.

The government has not yet put in place a comprehensive regulatory framework for crypto assets. Its legal jurisdiction over cryptocurrencies is somewhat constrained by current Anti-Money Laundering (AML) laws.

There have been indications of rising institutional regulation of cryptocurrency globally. A historic rule regulating crypto assets was approved by the European Union in July.

While the UK authorities still have yet to implement their own regulatory system, the British crime agencies increased the response toward digital assets by seizing assets in a money laundering crackdown as the government acts on catching up with the technology.

The technology is attractive to criminals as it provides them with anonymous solutions, but the authorities have developed ways of tracing transactions back to specific people.

Michael Munk, the managing associate in Linklaters’ dispute resolution team, said “The NCA seizure of c.£27m of crypto assets in 2021-22 shows that the UK’s criminal and regulatory authorities are developing a deeper understanding of crypto assets and an appetite to take enforcement action where appropriate,” 

“This is consistent with the global trend where, after years of playing catch-up, law enforcement agencies are showing an increased aptitude for tracing and seizing stolen or laundered crypto assets.”

The Treasury Committee said earlier this month that it would be conducting an investigation into the use of cryptocurrency in the UK. The inquiry’s purpose is to investigate the advantages and threats that cryptocurrencies pose to the economy.

MP Mel Stride, chair of the Treasury Committee stated: “Cryptoassets have the potential to bring new and innovative changes to the UK financial system, the economy and broader society,”

“However, there are also significant concerns around their use to launder funds, purchase illegal products, and evade international sanctions.”

Suggested Read: NCA Seizes Gold Bars Worth £650,000 from Money Laundering Network

Related Posts

News

FinCEN Implements Stringent KYC Regulations For Digital Wallet

The USA Treasury Department has proposed KYC- Know Your Customer Regulations for the digital asse...

FinCEN Implements Stringent KYC Regulations For Digital Wallet Explore More

News

The Anti-Money Laundering Solution Market is Expected to Double by 2025

According to the latest AML solution market report 2020-2026, the post coronavirus pandemic had a...

The Anti-Money Laundering Solution Market is Expected to Double by 2025 Explore More

News

Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches

According to the Interpol, there is a new investment scam on the rise that is targeting the datin...

Interpol Warns of the Rise in Romance Scams as Valentine’s Day Approaches Explore More

News

GIABA to Release Liberia’s AML and CFT Compliance Evaluation Report

The GIABA has finally released its findings about Liberia’s gains and challenges in the fight aga...

GIABA to Release Liberia’s AML and CFT Compliance Evaluation Report Explore More

News

BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering

BC Law Society holds Ukraine’s Honorary Consul accountable for failing to prevent money launderin...

BC Law Society Holds Honorary Consul of Ukraine Accountable for Failure to Prevent Money Laundering Explore More

News

Georgia Ramps Up AML Measures to Combat Financial Crime

A new report released by the Council of Europe’s AML body has highlighted Georgia’s progress in c...

Georgia Ramps Up AML Measures to Combat Financial Crime Explore More

News

Bank of England fines Citigroup £44m Over Poor Financial Information

The Bank of England has fined the UK branch of the US bank, Citigroup, a record £44m because the ...

Bank of England fines Citigroup £44m Over Poor Financial Information Explore More

News

FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures

Olimp Limited has dropped its gaming license since FIAU imposed €130,000 fine on the company for ...

FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures Explore More

News

Despite the Concerns, Arizona Bans Vaccine Passports for Government

Governor of Arizona, Doug Ducey has restricted the local and state government agencies from askin...

Despite the Concerns, Arizona Bans Vaccine Passports for Government Explore More

News

Amendments in UK Supervision Laws Enhance Risk of Money Laundering

Accounting bodies have warned that changes in the UK supervision of AML compliance regulations wi...

Amendments in UK Supervision Laws Enhance Risk of Money Laundering Explore More

News

US Attorney General Warns about the Identity Theft this Holiday Season

The Federal Trade Commission states that more than 650,000 citizens’ identities have been comprom...

US Attorney General Warns about the Identity Theft this Holiday Season Explore More

News

FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval

The UK financial watchdog has approved only 41 registration applications of crypto firms out of 3...

FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval Explore More

News

Shufti’s Age Verification Solution Approved by KJM

Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

Shufti’s Age Verification Solution Approved by KJM Explore More

News

Swiss Regulator FINMA Issues DLT Act for Digital Securities Market

The Financial Market Supervisory Authority (FINMA) introduced regulatory amendments for digital s...

Swiss Regulator FINMA Issues DLT Act for Digital Securities Market Explore More

News

TSA to test self-service facial recognition technology in the pilot program

The Transportation Security Administration (TSA) is now testing self-service facial recognition t...

TSA to test self-service facial recognition technology in the pilot program Explore More

News

Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs

The Australian Senate’s inquiry will be examining the impact of bringing DNFBPs under the AML/CFT...

Australian Senate to Examine the Scope & Impact of AML/CFT on DNFBPs Explore More

News

AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures

AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the...

AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures Explore More

News

One in Three Western Australians Experience Financial Frauds – Bankwest

Based on reports, every one in three residents of Western Australia has experienced financial abu...

One in Three Western Australians Experience Financial Frauds – Bankwest Explore More

News

EU Endorses New Crypto Tax Data Sharing Rules

Strict obligations are set to be implemented in the EU’s digital assets industry. Tax authorities...

EU Endorses New Crypto Tax Data Sharing Rules Explore More

News

European parliament imposes ban on facial recognition technology

Following a public outcry after the leak of an internal memorandum discussing the utilization of ...

European parliament imposes ban on facial recognition technology Explore More

News

UAE Issues Updated Targeted Financial Sanctions Guidance

The UAE has shifted from the multilateral United Nations Security Council (UNSC) sanctions to uni...

UAE Issues Updated Targeted Financial Sanctions Guidance Explore More

News

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security

Australia’s AML Agency AUSTRAC has partnered with the Pacific Financial Intelligence Unit t...

AUSTRAC Teams Up with Pacific to Counter Money Laundering For Enhanced Regional Security Explore More

News

AML Council to Impose Sanctions on Property Dealers for Non-compliance

The Philippines’s Anti-Money Laundering Council (AMLC) is all set to impose sanctions and fines o...

AML Council to Impose Sanctions on Property Dealers for Non-compliance Explore More

News

Swedbank cuts former CEO’s Golden Parachute over Money-Laundering

STOCKHOLM – Swedbank has canceled the severance pay of former CEO, Birgitte Bonnesen after ...

Swedbank cuts former CEO’s Golden Parachute over Money-Laundering Explore More

News

Pandora Papers Update: Offshore Havens and Money Laundering Scandals Exposed

The Pandora Papers expose 35 world leaders, 300 public officials and 100+ billionaires, thus prov...

Pandora Papers Update: Offshore Havens and Money Laundering Scandals Exposed Explore More

News

Council of Europe Urges Montenegro to Step Up AML Measures

The Council of Europe stated in a recent report that Montenegro lacks sufficient measures to inve...

Council of Europe Urges Montenegro to Step Up AML Measures Explore More

News

AML Program Risks Highlighted by the Pandora Papers Scandal

Experts have advised compliance officers to divert their focus on EDD, CDD, and UBO verification ...

AML Program Risks Highlighted by the Pandora Papers Scandal Explore More

News

Italy Launches Money Laundering Investigations into Qatargate Associates

Italian prosecutors have launched a probe related to the EU parliament Qatargate affair as a new ...

Italy Launches Money Laundering Investigations into Qatargate Associates Explore More

News

SFC Imposed a HK$9 Fine on RIFA Future for KYC Failings

RIFA Limited was charged by the domestic regulatory authority of Hong Kong, the Securities and Fu...

SFC Imposed a HK$9  Fine on RIFA Future for KYC Failings Explore More

News

UAE Imposes Dh65 Million Worth of AML Fines on 137 Companies

After examining 840 companies, 137 companies failed to comply with anti-money laundering and comb...

UAE Imposes Dh65 Million Worth of AML Fines on 137 Companies Explore More

News

British Government Prepares Task Force to Halt Financial Crimes

After observing a 70% increase in push-payment fraud, the UK’s government has devised a tas...

British Government Prepares Task Force to Halt Financial Crimes Explore More

News

Japan Crypto Regulator States Easing of Restrictions Must Wait

The Japanese financial regulator FSA is reluctant about easing regulatory requirements for the cr...

Japan Crypto Regulator States Easing of Restrictions Must Wait Explore More

News

National Westminster Bank Pleads Guilty to AML Breaches

NatWest has stated that it violated multiple anti-money laundering regulations that required the ...

National Westminster Bank Pleads Guilty to AML Breaches Explore More

News

UAE to Revolutionize the Financial Regulatory Requirements

A new set of measures are being taken by the Ministry of Justice in the UAE to curb the money lau...

UAE to Revolutionize the Financial Regulatory Requirements Explore More

News

UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub

The UK is reportedly planning to regulate stablecoins as a payment method and the Royal Mint is t...

UK to Regulate Stablecoins & Mint its Own NFTs to Become Global Crypto Hub Explore More

News

Malaysia Leads Southeast Asian Peers in Implementing Anti-Money Laundering and Counter-Terrorism Financing Regulations

Malaysian financial institutes are leading other South Asian countries in complying with anti-mon...

Malaysia Leads Southeast Asian Peers in Implementing Anti-Money Laundering and Counter-Terrorism Financing Regulations Explore More

News

Landry’s Inc. warns customers of the potential data breach

Landry’s Inc., a parent company of more than 60 restaurant chains, installed a payment processing...

Landry’s Inc. warns customers of the potential data breach Explore More

News

UK’s National Crime Agency Builds a Specialised Crypto Investigation Team

The United Kingdom’s National Crime Agency (NCA) is planning to establish a professional team to ...

UK’s National Crime Agency Builds a Specialised Crypto Investigation Team Explore More

News

PBOC Issues New Financial Rules to Curb Money Laundering Risks

The People’s Bank of China (PBOC), The China Banking and Insurance Regulatory Commission, a...

PBOC Issues New Financial Rules to Curb Money Laundering Risks Explore More

News

Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies

According to new research, the use of cloud mining methods to conceal crypto funds has intensifie...

Scammers and Hackers Use Cloud Mining to Launder Cryptocurrencies Explore More

News

Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered

Millions in crypto seized, 300 criminal syndicates raided and arrested.  In today’s financial cri...

Major Law Enforcement Operation Seizes 300 Crime Rings, Millions In Crypto Recovered Explore More

News

Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws

Global law firm Clyde & Co. was fined £500,000 ($635,613) on 11 January for multiple breaches...

Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws Explore More

News

International Student Sues Commonwealth Bank for Money Laundering Scam

An Indonesian student and her family sued the Commonwealth Bank as they lost millions of dollars ...

International Student Sues Commonwealth Bank for Money Laundering Scam Explore More

News

e-KYC services introduced in Malaysia by InstaREM

Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

e-KYC services introduced in Malaysia by InstaREM Explore More

News

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal

The chief executive of Westpac Banking Corporation, Brian Hartzer, has resigned and the chairman ...

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal Explore More

News

United Nations Calls for a Pact to Fight Financial Crimes

United Nations’ panel of experts has called on the governments around the world to take part in e...

United Nations Calls for a Pact to Fight Financial Crimes Explore More

News

China’s Top Leaders Indicate the Further Tightening of Financial Regulations

Chinese leaders have indicated that the country will move to further strengthening of financial r...

China’s Top Leaders Indicate the Further Tightening of Financial Regulations Explore More

News

Canada Seeks to Digitize ID-Documents for Enhanced Security Measures

Canada, Ontario’s government is working towards digitizing the identity documents and seeks publi...

Canada Seeks to Digitize ID-Documents for Enhanced Security Measures Explore More

News

Sri Lankan AMLO Fines a Bank and Two Finance Firms for Non-Compliance

Approximately two million rupees worth of fines were imposed on three financial institutions in S...

Sri Lankan AMLO Fines a Bank and Two Finance Firms for Non-Compliance Explore More

News

Creating UBO Registry ‘Biggest Focus’ for US Treasury’s Anti-corruption Push

As part of the US government’s AML reform plan, an ultimate beneficiary ownership register will b...

Creating UBO Registry ‘Biggest Focus’ for US Treasury’s Anti-corruption Push Explore More

News

US Rated as The Most Secretive Financial Jurisdiction in the World

The US has been ranked the most secretive financial jurisdiction in the world due to deterioratio...

US Rated as The Most Secretive Financial Jurisdiction in the World Explore More

News

Italian Regulators Block Consumers from Investing in Binance

Italy has joined the list of warnings against Binance, directing citizens to avoid investing in t...

Italian Regulators Block Consumers from Investing in Binance Explore More

News

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance

Jamaica impressively complied with 37 recommendations from 40 international Financial Action Task...

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance Explore More

News

Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure Explore More

News

Germany to Implement the 6th AML Directive to Secure Financial Firms

The Federal Government of Germany has decided to draft a law for money laundering operations. Eur...

Germany to Implement the 6th AML Directive to Secure Financial Firms Explore More

News

New White House Standards Strategy May Affect Crypto Industry KYC Regulations

President Biden’s administration unveiled a national standards strategy on May 4, outlining eight...

New White House Standards Strategy May Affect Crypto Industry KYC Regulations Explore More

News

EMLCU Reviews Egypts Efforts to Fight Financial Crime

Chairman of EMLCU (Egyptian Money Laundering and Terrorist Financing Combating Unit) Ahmed Saeed ...

EMLCU Reviews Egypts Efforts to Fight Financial Crime Explore More

News

EBRD and Central Bank of Jordan Raise Awareness Against Financial Crime

EBRD and the Central bank of Jordan join hands in running campaigns to raise awareness for the tr...

EBRD and Central Bank of Jordan Raise Awareness Against Financial Crime Explore More

News

AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule

While it is understood that the crypto Travel Rule will prove to be a ‘game changer’,...

AUSTRAC, Home Affairs Say Tech Capability Not There Yet for Crypto Travel Rule Explore More

News

ACRA Cancels Registration of Company for AML/CFT Failures

The Accounting and Corporate Regulatory Authority (ACRA) has revoked the registration of a compan...

ACRA Cancels Registration of Company for AML/CFT Failures Explore More

News

Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards

A hacker group “Keeper” developed an interconnected network of over 570 eCommerce sites to steal ...

Hacker Group Profited $7M in Crypto by Selling Stolen Credit Cards Explore More

News

e-KYC services introduced in Malaysia by InstaREM

Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

e-KYC services introduced in Malaysia by InstaREM Explore More

News

Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering

The High Court of Kenya has frozen more than Sh15 billion over suspected proceeds of Money Launde...

Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering Explore More

News

Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws

Global law firm Clyde & Co. was fined £500,000 ($635,613) on 11 January for multiple breaches...

Law firm Clyde & Co. fined $635K for Breaching UK Money Laundering Laws Explore More

News

2021 to Set New Record for Most Data Breaches in a Year

Studies have shown a staggering 1,291 data breaches till the end of September this year, exceedin...

2021 to Set New Record for Most Data Breaches in a Year Explore More

News

FMA Sues Tiger Brokers for AML/CTF Breaches

The Financial Markets Authority (FMA) has filed court proceedings against Tiger Brokers for alleg...

FMA Sues Tiger Brokers for AML/CTF Breaches Explore More

News

China Raises Penalty, Broadens Scope of AML Laws

The People’s Bank of China (PBOC) has published a revised draft for the country’s AML law which e...

China Raises Penalty, Broadens Scope of AML Laws Explore More

News

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively

Singapore, Cyprus, and the US are stepping up their efforts to curb financial crimes while aiming...

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively Explore More

News

US Cybersecurity Head Fired by Trump for Discrediting the Voter Fraud.

Trump has fired the head of cybersecurity, Christopher Kerbs, for beinhg unloyal to the claims of...

US Cybersecurity Head Fired by Trump for Discrediting the Voter Fraud. Explore More

News

£2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police

Following information from a Spanish law enforcement agency, the Royal Gibraltar Police have init...

£2 Million of Suspected Money Laundering Assets Seized by Royal Gibraltar Police Explore More

News

The State Bank of Vietnam Demands More Freedom and Power to be Granted to the Anti-Money Laundering Bureau

The State Bank of Vietnam (SBV) requested the government to enhance security by providing more fr...

The State Bank of Vietnam Demands More Freedom and Power to be Granted to the  Anti-Money Laundering Bureau Explore More

News

Google Pay Transactions Just Got More Secure

Previously, when you used Google Pay for transactions, it would only ask you to enter your PIN. A...

Google Pay Transactions Just Got More Secure Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started