Bitcoins and Virtual Currency

Meeting: 
MQT on 2014-09-17
Session date: 
September 17, 2014
Reference: 
2014/3499
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

What steps have or will the Metropolitan Police take to ensure the use of virtual currencies for criminal purposes is tackled?

Answer

Answer for Bitcoins and Virtual Currency

Answer for Bitcoins and Virtual Currency

Answered By: 
The Mayor

The MPS is aware that some criminals are using Bitcoins and other virtual currency in order to conduct criminal financial transactions and launder proceeds of crime. Industry experts and the National Crime Agency have provided advice and guidance to MPS financial, cyber-crime and forensic experts in order to detect and investigate those persons using this online currency.

Advice has also been provided to all Fraud And Linked Crime ONline (FALCON) Command officers to raise awareness and investigative capability, and the subject of virtual currency is also being introduced as part of the Detective development programme.