{"id":43391,"date":"2021-05-28T19:44:28","date_gmt":"2021-05-28T16:44:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43391"},"modified":"2025-08-31T03:25:52","modified_gmt":"2025-08-31T00:25:52","slug":"british-criminologists-say-bitcoin-is-a-convenient-tool-for-criminals","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/british-criminologists-say-bitcoin-is-a-convenient-tool-for-criminals\/","title":{"rendered":"British criminologists say Bitcoin is a convenient tool for criminals"},"content":{"rendered":"<p>The widespread adoption of cryptocurrencies helps criminals launder illicit proceeds. This finding is contained in the <a href=\"https:\/\/www.nationalcrimeagency.gov.uk\/who-we-are\/publications\/533-national-strategic-assessment-of-serious-and-organised-crime-2021\/file\">annual report<\/a> of the National Crime Agency (NCA).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe use of digital assets for money laundering has grown across several types of offenses. The further adoption of the technology will provide broader opportunities for criminals to move funds.\u201d<\/em>, the document says.<\/p>\n<\/blockquote>\n<p>The NCA noted the usefulness of cryptocurrencies for sanctions evasion, extortion, and use by dark-net marketplaces. The COVID-19 pandemic has only intensified the trend, experts noted.<\/p>\n<p>Firms registered with the Financial Conduct Authority (FCA) that deal in cryptocurrencies are required to submit annual reports on financial crime.<\/p>\n<p>UK Financial Secretary to the Treasury John Glen <a href=\"https:\/\/questions-statements.parliament.uk\/written-questions\/detail\/2021-05-24\/6233\">believes<\/a> that a large number of startups do not comply with AML requirements. He explained the reason for the <a href=\"https:\/\/u1f987.com\/en\/news\/uk-introduces-temporary-registration-regime-for-crypto-firms\">temporary registration regime<\/a> for cryptocurrency companies in the country until 9 July.<\/p>\n<p>According to the official, only five applications have been approved; 167 are awaiting registration, and FCA has not yet begun checks on a further 77.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cTo date, 90% of the firms considered have withdrawn their applications. We are building a robust AML regime. This will strengthen Britain&#8217;s reputation as a safe and authoritative jurisdiction for opening and growing businesses in the cryptocurrency space.\u201d<\/em>, Glen said.<\/p>\n<\/blockquote>\n<p>Authorities in Britain intend to regulate the industry along the lines of traditional finance. In January, the Treasury began consultations on oversight of cryptocurrencies and stablecoins.<\/p>\n<p>In April the FCA <a href=\"https:\/\/u1f987.com\/en\/news\/media-european-regulators-to-scrutinise-binances-launch-of-tokenised-stock-trading\">began examining<\/a> the legality of Binance launching tokenised stock trading.<\/p>\n<p> Subscribe to ForkLog&#8217;s Telegram news: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full stream of news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The widespread adoption of cryptocurrencies helps criminals launder illicit proceeds. This finding is contained in the National Crime Agency (NCA) annual report.<\/p>\n","protected":false},"author":1,"featured_media":43392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1726,810],"class_list":["post-43391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-fca","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43391"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43391\/revisions"}],"predecessor-version":[{"id":43393,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43391\/revisions\/43393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43392"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}