UK Crypto Crime Priority Rises as National Agency Develops In-House Capabilities
The UK's National Economic Crime Centre (NECC) has elevated cryptoassets to its third priority for economic-crime efforts, alongside professional enablers and politically exposed persons. The NECC, which coordinates the country's economic crime response, prioritizes nine areas of focus with partner agencies like the Financial Conduct Authority and Treasury.
Cryptoassets now rank below only those who enable or facilitate serious crimes, such as corrupt lawyers and accountants. Cash and money mules used for illicit activities come next on the list. The NECC's annual report highlights 'innovative use' of crypto products to evade detection and launder funds across borders.
The agency is developing its own in-house capability to tackle cryptocurrency-related crimes, including sanctions evasion, ransomware payments, and traditional money laundering. This move reflects the growing significance of cryptocurrencies in organized crime groups' operations, which now often outsource laundering to specialized networks rather than handling it directly.