According to PANews, a recent report by the UK's National Crime Agency reveals that the annual value of illegal cryptocurrency transactions linked to the UK reaches up to $5.1 billion. The report highlights an increase in crimes associated with digital and cryptocurrencies. It states, 'Cryptocurrency remains a significant driver of criminal transactions, used for money laundering, purchasing goods and services on the dark web, and demanding ransoms. The legitimate use of cryptocurrency by the public also provides opportunities for fraud and theft by criminals.'
With the rise in cryptocurrency-related money laundering activities, the National Crime Agency estimates that between $1.7 billion and $5.1 billion worth of illegal cryptocurrency transactions are connected to the UK each year. Additionally, the report explains that a substantial portion of money laundering activities in the UK is linked to 'overseas corrupt elites.'
