Anti-Financial Crime & Financial Crime Compliance
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Crypto, Financial Crime, Tech, UK

NEWS: UK gang launches ‘meme coin’ crypto to launder dirty cash

Representation of cryptocurrency dogecoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration

A UK-based drug gang has launched its own cryptocurrency to launder criminal proceeds in what may be Britain’s first known case of its kind.

Organized criminals have long used established cryptocurrencies like Bitcoin to conceal the origins of illicit funds. But this new scheme goes “one step further,” said Gary Carroll of Claymore Advisory Group, a drug crime expert and former police officer.

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