London Daily

Focus on the big picture.
Wednesday, Sep 03, 2025

Let us take on bitcoin gangs, urge UK police

Let us take on bitcoin gangs, urge UK police

Scotland Yard detectives want new laws to let them freeze the cryptocurrency assets of criminals in the same way they can stop them transferring funds.
The Met is lobbying the government to change the legislation to make it tougher for criminals to transfer cryptocurrency, which is used by money launderers.

Mick Gallagher, detective chief superintendent at the Met’s central specialist crime command, said that cryptocurrency such as bitcoin could not always be frozen or seized because of outdated legislation.

He told The Times: “The conversations that we’re having is about how we align cryptocurrency to the same kind of approach that we have about cash-based criminality. Cryptocurrency is invisible, it’s instant, it goes around the world, it’s not tangible.

“One of the responses we have is legislation. Because cryptocurrency, and criminality involving crypto, has developed so quickly, and because legislation is so slow, we’re having conversations now about realigning some legislation that currently applies to laundered cash to cryptocurrency.”

UK authorities use account-freezing orders to stop the movement of funds from bank accounts to tackle money laundering, corruption and terrorist financing. Gallagher said that account-freezing orders and other money laundering law applied to cash and other assets but not cryptocurrency

“It’s about definitions. In some legislation we have about account-freezing orders, the word account is a critical word. But there is no such thing as an account in the world of cryptocurrency as they use wallets. So you just have to make slight legislative tweaking so that the wording includes wallet.”

Cryptocurrency is being used in online fraud, such as investment scams, and by hackers. When the Irish health service shut down its IT systems because of a ransomware attack, hackers demanded a payment in bitcoin. Bitcoin was also demanded in the ransomware attack on the Colonial fuel pipeline in the US.

Gallagher and other senior detectives are lobbying the Home Office to make changes. He said the government had been supportive and keen to help tackle organised crime.

The Financial Conduct Authority warned last week that many cryptocurrency businesses were not meeting standards for anti-money laundering practices.
Newsletter

Related Articles

0:00
0:00
Close
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
×