The UK’s law enforcement agency has advertised two positions for the role of blockchain investigators to join the Complex Financial Crime Team (CFCT). The step is part of the efforts to combat crimes related to cryptocurrencies by the National Crime Agency (NCA).
The responsibilities in the two advertised managerial positions include oversight of investigations of crimes related to cryptocurrencies to ensure that investigations are done in accordance with the Proceeds of Crime Act, legislation aimed at tackling money laundering and confiscation of assets obtained through criminal activities.
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 staff 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 conducts investigations for financial crimes and works 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. NCA’s announcement followed the introduction of the Economic Crime and Corporate Transparency Bill in the 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. Finance Magnates reported more than two weeks ago 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 five years ending in 2022.
