UK's Crown Prosecution Service To Seize Criminals' Cryptocurrencies

On November 28, 2017, reports indicated that the UK’s Crown Prosecution Service (CPS) Proceeds of Crime division has begun seizing digital assets, in accordance with confiscation orders it recently obtained.

Specifically included in the five such restraint orders that CPS obtained is the mention of digital currencies, though it must be proven that funds come from the exploits of criminal enterprises before they can be confiscated. One case being investigated by CPS involved a seizure valued at 2.2 million pounds, including 26,000 pounds worth of bitcoin.

According to the report, the Crown Court has said that suspects will be required to "disclose the digital currency particulars and repatriate any assets held abroad to the UK." CPS has also obtained permission to convert the assets it confiscates into fiat, namely pounds sterling.

The head of CPS Proceeds of Crime Nick Price warned those trying to cloak their improperly acquired resources in cryptocurrency to beware. "If criminals believe they can hide their ill-gotten assets online they are very much mistaken."