00:00Okay good afternoon everyone I'm Will Line I'm the head of economic and cyber crime at the
00:24Metropolitan Police. Today's sentencing brings to a close one of the largest
00:29longest and most complex economic crime investigations ever undertaken by the
00:35Metropolitan Police. Operation Manor lasted more than seven years and has
00:40demanded persistence innovation and collaboration at every stage. It
00:45reflects the extraordinary dedication of the officers and staff who have
00:50delivered it. As part of this investigation we seized over 61,000
00:54Bitcoin now worth approximately five billion pounds alongside other non crypto
01:00assets valued at more than 20 million pounds. This currently represents the
01:05largest confirmed cryptocurrency seizure anywhere in the world and the biggest
01:09money laundering investigation in UK investigative history by value. The
01:15assets are subject to separate and ongoing civil proceedings led by colleagues at
01:20the Crown Prosecution Service so I cannot comment further on that process at this
01:25time. But this case is about far more than the assets seized. These funds
01:31originated from a large-scale fraud that targeted and harmed more than 128,000
01:37victims in China from 2014 to 2017. Many people lost their life savings and the
01:45emotional and financial impact on them was devastating. Today's outcome is a step
01:51towards justice for those victims. Money laundering enables and supports serious
01:58criminality across our communities and organised crime groups increasingly use
02:02cryptocurrency to move, hide and invest their ill-gotten gains. Developments in
02:09technology are exploited by criminals but also provide opportunities that are
02:13seeking to stop them. Every cryptocurrency transaction leaves a trace. The
02:19Mets dedicated cryptocurrency team working meticulously with partners
02:23continually adapts and innovates our response to organised crime meaning that
02:28even in the digital age criminals have nowhere to hide. The success of this
02:34investigation has depended on partnerships with the Crown Prosecution
02:38Service, the National Crime Agency and overseas law enforcement partners. We work closely with
02:45the Chinese authorities. Before the defendants entered guilty pleas, Chinese
02:49police officers were due to testify live in a UK court for the first time and 18
02:54victims were due to give evidence via video link. Today's outcome sends a clear
03:00message. Criminal assets are not safe in the UK. The Metropolitan Police and our
03:07partners remain committed towards protecting the public and dismantling organised crime
03:11networks no matter how complex they are or how global they may be. We will continue to
03:17pursue those who seek to profit from harming our communities and ensure that justice is delivered for all
03:24victims. Thank you. Good afternoon everybody. My name is Neil Colville. I'm from the serious
03:31economic organised crime division from the CPS. Today we have seen the sentencing of Zim and
03:36CPS, which has led to their imprisonment. Bitcoin and other cryptocurrencies are increasingly being used by
03:47organised criminals to disguise and transfer assets so that fraudsters may enjoy the benefits of their
03:53criminal conduct. This case involving the largest cryptocurrency seizure in the UK illustrates the scale of
04:02criminal proceeds available to those fraudsters. The imprisonment of Chan and Ling marks the culmination
04:10of many years of complex and detailed work by both the Metropolitan Police and the Crown Prosecution Service.
04:17The fact that the defendants pleaded guilty are testament to the thoroughness of the investigation and
04:23prosecution. The CPS will now work to ensure through criminal confiscation and civil proceedings that the
04:30criminal assets worth now around 4.8 billion used by Chan and Jian Wen to fund their extravagant
04:38lifestyle are seized. The CPS is committed to working closely with law enforcement and investigatory
04:44authorities to bring justice to individuals and companies who engage in laundering criminal proceeds of
04:51cryptocurrency fraud. Thank you.
Comments