UK’s National Crime Agency to Launch Crypto Crime Division
- The UK’s National Crime Agency sees the new division as a step towards protecting the UK from cybercrimes.
- As of October 2022, all police forces in the U.K. had their members trained in the investigation, seizure, and enforcement of cryptocurrencies.
- Prime Minister Rishi Sunak seems focused on regulating cryptocurrencies.
The UK’s National Crime Agency (NCA) has confirmed plans to launch a new team, the National Cyber Crime Unit (NCCU) Crypto Cell, which would focus on investigating crypto crimes. NCA officials confirmed that the team will initially be made up of five officers from the current NCCU.
In its job filing, the security agency said it will support ongoing and new investigations where specialized crypto expertise is required and will take a “proactive lead” in finding possible targets for more inquiry. The NCA is looking for a crypto investigator with experience in conducting blockchain forensic investigations on organized crime.
The position also requires experience in recovering seed phrases and complex blockchain tracing. The new NCA crypto crime fighter will be responsible for advising detectives on both the strategic and tactical aspects of cases involving cryptocurrencies. The post has an advertised annual salary of around 40,200 ($48,200) and 43,705 British pounds ($52,400). The deadline for applications is January 10, 2023.
According to NCA infrastructure investigations director Chris Lewis-Evans, the new team will go a long way toward protecting the United Kingdom from cybercrime. He said,
Cryptocurrency and virtual assets are widely viewed as specialist areas of knowledge, and this role is key to supporting NCA investigations in which these are used to enable serious criminality.
The new crypto unit also mirrors the UK’s attempt to eliminate “dirty money” and increase its focus on crypto assets in the U.K. The U.K. government unveiled a bill in September last year that aims to tackle money laundering and fraud, primarily by strengthening the ability of law enforcement to seize cryptocurrency used for illegal activities.
According to the UK National Crime Agency’s annual report covering the period from April 1, 2021, to March 31, 2022, criminals increasingly used financial technology and cryptocurrency assets for money laundering, undermining the country’s institutions and economy. As of March 31, 2022, the agency seized cryptocurrency valued at £26.89 million, or roughly $32.4 million.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
