UK’s Top Crime Agency Assembles Crypto Investigators to Tackle Misconduct

The UK’s law enforcement agency has advertised two positions for the role of blockchain investigator under the Complex Financial Crime Team (CFCT). This step is part of the National Crime Agency's (NCA) efforts to combat crimes related to cryptocurrencies.

The responsibilities for the two advertised managerial positions include overseeing the investigations of crimes related to cryptocurrencies. This is to ensure that these investigations are done in accordance with the Proceeds of Crime Act, which is legislation aimed at tackling money laundering and the confiscation of assets obtained through criminal activities.

Accredited Blockchain Experts

The ideal candidate must be experienced in blockchain analysis and have in-depth knowledge of laws related to digital assets in the UK and globally. Additionally, the agency stated that the candidate must be a member of the police force and an accredited financial investigator.

The latest development is part of the UK’s efforts to regulate the rising cases of illegal activities in the digital assets space. The CFCT is conducting investigations of financial crimes and working in partnership with the City of London Police.

On top of that, the NCA announced at the beginning of the year that it was strengthening its efforts to combat crimes in the cryptocurrency space by creating a special unit dubbed the National Cyber Crime Unit (NCCU) Crypto Cell. The NCA’s announcement followed the introduction of the Economic Crime and Corporate Transparency Bill in UK Parliament to give law enforcement agencies more power to combat illegal crypto activities.

UK’s Crypto Regulations

Some illegal activities related to digital assets in the UK involve unlicensed operations of crypto ATMs. More than two weeks ago, Finance Magnates reported that the Financial Conduct Authority had closed 26 illegal crypto ATMs since the beginning of the year. The FCA cautioned that unlicensed cryptocurrency ATMs contribute to illegal activities such as money laundering.

The UK is only one of the many countries strengthening their law enforcement agencies to combat illegal crypto activities. South Korea has launched a special investigations unit to tackle the rising cases of crypto-related crimes in the country. According to the South Korean Supreme Prosecutor’s Office, the losses from such crimes increased by nearly 120% for the entire five-year period, ending in 2022.