Tony McClements comments to media about Serious Fraud Office
Tony McClements comments on the SFO using new crypto seizure powers.
The Serious Fraud Office (SFO) has announced a significant development in its ongoing investigation into the collapse of outside broadcast company Arena TV, freezing over £10,000 ($13,479) in cryptocurrency assets belonging to its CEO, Richard Yeowart.
This marks a landmark moment as it is the first time the agency has used its recently introduced powers to freeze crypto assets.
The frozen assets amount to £10,865.76 ($14,645.86) in bitcoin and £289.30 ($389.94) in USDC (valued at the time of freezing). The SFO states that these assets were identified by its proceeds of crime specialists as being linked to suspected criminality.
The freezing order was obtained following a hearing at Westminster Magistrates’ Court last Friday and will hold the assets for up to nine months, allowing any affected parties to come forward.
Commenting on the matter, our Head of Investigations, Tony McClements, said:
It’s a very small step in the right direction. The reality is that this is a drop in the ocean, and undeserving of the pat on the back the SFO appears to be seeking. The problem here is one I have been trying to highlight repeatedly: that bright, shiny new legislation is all well and good, but without the resources to implement it, we are simply paying lip service to the issues we are seeking to address.
