The Telegraph: 'Police to Get Bitcoin Training Amid Money-Laundering Worries'

London police to become the first force in the country trained to deal with cryptocurrencies while others see almost no connection between crypto and money-laundering

Police of London will become the first force in the country to be trained to use cryptocurrencies in an investigative manner. This announcement comes amid fears that such technologies allow criminals to launder money more easily than before.

While everyone talks about money-laundering, The Hong Kong Police Force (HKPF), for example, sees no connection between this type of a fraund and cryptocurrency. The Hong Kong Police Force (HKPF) notes that they see 'no apparent sign of organized crime or ML/TF concerning trading of cryptocurrencies'. According to the Money Laundering and Terrorist Financing Risk Assessment Report report published in April, Hong Kong government assesses the money laundering risk of cryptocurrencies to be far lower than that of Stored Value Facilities, such as the popular Octopus Card, Paypal or Alipay.

Two weeks earlier Mark Carney, the governor of the Bank of England, said that cryptocurrencies aren't a risk to the financial state , but he thinks they will be subject to some form of regulation.

There are these exchanges where you transfer your Canadian dollars for a cryptocurrency and those in general are unregulated and in some cases, there’s plenty of serious abuse or at a minimum, they are very porous to a cyber attack and theft and they just do not meet the standards. There is no reason why that should be tolerated.

Mark Carney, the governor of the Bank of England

According to the UK National Risk Assessment (NCA) of Money Laundering and Terrorist Finansing 2017, the risk of cryptocurrency use for money laundering is relatively low. Although NCA deems it likely that digital currencies are being used to launder low amounts at high volume, there is a little evidence of them being used to launder large amounts of money.


8,744 USD 0.38%
Volume, 24h
3,497,717,274 USD
153,922,072,217 USD

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