Agenda item

Questions on matters relating to the work of the Committee

Meeting of Economic and Cyber Crime Committee of the City of London Police Authority Board, Friday, 25th November, 2022 9.00 am (Item 10.)

Minutes:

In response to the Member’s query on the impact of crypto currencies prices on Proceeds of Crime Act funds was explained noting that this was regularly priced by the independent auction house used to convert crypto assets to cash. In addition, it was confirmed that the funds secured through Operation Neutron were held and secured at their present value in sterling.

The Committee noted, following discussion on the difficultly to confirm the origin of any funds secure in the form of crypto currencies, the Proceeds of Crime Act allowed Forces to spend funds illegally secured and recovered as part of criminal investigations.