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Crypto was one of the biggest money laundering risks in 2022-2023: the UK government. Report
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Crypto companies were among the sectors with the highest risk of money laundering, according to a UK government report.
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The country has recently attempted to combat crypto crime and police have stationed crypto tactical advisors across the country.
Crypto companies, alongside retail banks, wholesale banks and wealth management, posed the greatest risk of being exploited for money laundering between 2022 and 2023, according to a report from the financial branch of government. said Wednesday.
The report’s conclusion comes from the Financial Conduct Authority’s risk assessments of 238 companies. The FCA is a financial regulator in the UK and has ensured that crypto companies register with it and comply with its money laundering rules since 2020.
The country has recently attempted to crack down on crypto-related crime. British police said they have tactical crypto advisors stationed across the country to help seize digital assets linked to crime. in October 2022. At the time, the National Police Chiefs’ Council said it had successfully seized hundreds of millions of cryptocurrencies from crimes.
Data from the recently released report showed that between 2022 and 2023, there were the equivalent of 52.8 full-time financial crime staff dedicated to anti-money laundering oversight at the FCA and 15.8 of them focused on overseeing crypto businesses.
Meanwhile, broader monitoring teams, outside of specialist financial crime teams, opened 95 cases related to crypto-assets between the reporting period.
Learn more: UK law enforcement can now seize crypto more easily as new rules come into force