KB-2024-001295 - [2025] EWHC 3000 (KB)

The convenience of cryptocurrency as a method of money laundering arises out of its nature. The Claimant cited open source material from the United Nations Office on Drugs and Crime to the effect that (i) cryptocurrencies are anonymous at their point of creation, such that the “placement” stage of the money laundering process is often absent; (ii) it only takes a few seconds to create a free account and it is only possible to use each account twice: to receive money and then transfer it elsewhere; (iii) it is possible to create a large money laundering scheme with thousands of transfers at a low cost and to execute it using a computer script; and (iv) due to rapid increases in exchange rates, with some cryptocurrencies showing 10,000% growth, it is very easy to justify unexpected wealth through cryptocurrencies.