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Crypto Was One of the Biggest Money Laundering Risks in 2022-2023: UK Govt. Report

Between 2022 and 2023, crypto alongside retail banking, wholesale banking and wealth management posed the greatest risk of being exploited for money laundering, a report by the U.K. Treasury department showed.

By Camomile Shumba
AccessTimeIconMay 1, 2024 at 10:49 a.m. UTC
Updated May 1, 2024 at 6:11 p.m. UTC
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  • Crypto firms were amongst the sectors that posed the greatest money laundering risk, according to a U.K. government report.
  • The country has been trying to tackle crypto crime lately, and the police have stationed crypto tactical advisors across the country.

Crypto firms, alongside retail banking, wholesale banking and wealth management, posed the greatest risk of being exploited for money laundering between 2022 and 2023, a report by the government’s financial arm said on Wednesday.

The conclusion from the report came from the Financial Conduct Authority risk assessments on 238 firms. The FCA is a financial regulator in the U.K., and it has been ensuring crypto firms register with it and comply with its money laundering rules since 2020.

The country has been trying to clamp down on crypto-related crime recently. The U.K. police said it had crypto tactical advisors stationed across the country to help seize digital assets attached to crime in October 2022. At the time, the National Police Chiefs’ Council said they had managed to seize hundreds of millions worth of crypto from crimes.

Data from the newly released report showed that between 2022 and 2023, there were the equivalent of 52.8 full-time financial crime specialist employees that were dedicated to anti-money laundering supervision at the FCA and 15.8 of those focused on supervising crypto businesses.

Meanwhile, wider supervisory teams outside the dedicated financial crime specialist teams opened 95 cases in relation to crypto-assets between the reports recording period.

Read more: UK Law Enforcement Agencies Can Now Seize Crypto More Easily as New Rules Take Effect

Edited by Parikshit Mishra.



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Camomile Shumba
Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter

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