UK Police Partner with Gowling WLG to Enhance Crypto Asset Recovery

The City of London Police has teamed up with international law firm Gowling WLG to launch a robust digital asset recovery program. This initiative builds on a successful pilot program that recovered funds from a scam targeting an elderly Alzheimer’s patient. By pursuing asset recovery even where criminal prosecution is unviable, it addresses significant financial losses from crypto fraud, which reached $9.9 billion globally in 2024. Leveraging recent legal enhancements such as the Proceeds of Crime Act 2002 and the Economic Crime and Corporate Transparency Act 2023, this program strengthens authorities’ power to seize and reclaim digital assets. Anticipated new laws recognizing digital assets as property further bolster protections. This cohesive approach promises to tackle crypto scams effectively by utilizing blockchain’s traceability and providing victims with a well-defined recovery process.