UK Crypto Assets Rank Third on Economic-Crime Threat List
The UK's National Economic Crime Centre (NECC) has ranked crypto assets as its third-biggest economic-crime threat, alongside professional enablers and politically exposed persons. According to the NECC's annual report, this is based on a list of nine economic-crime priorities agreed upon with the Financial Conduct Authority, Home Office, and Treasury.
The report highlights that criminals are using crypto assets 'to evade detection and move illicit value at scale.' The NECC also notes that many organized crime groups now pay dedicated networks to launder proceeds rather than doing it themselves. As a result, the agency is developing its own intelligence-led crypto capability to combat these emerging threats.
The report also updates figures for Operation Destabilise, an ongoing investigation into Russian-speaking networks converting street cash into cryptocurrency. Since 2022, 129 arrests have been made and over £25 million in cash and cryptoassets has been captured across the UK.