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| February 20, 2019

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Budget Archives -

US Stocks Rise on Budget Deal

February 12, 2019 |

US stocks are closing higher after US lawmakers reached a tentative deal to avoid another costly government shutdown, the AP reports. The deal could alleviate pressure on the market as the US and China begin talks on their trade dispute. Major companies continue to report fourth-quarter earnings. Molson Coors fell…

Italy’s Growth Woes Set to Persist Despite EU Budget Blessing

December 21, 2018 |

Italy’s deal with the European Union to defuse its simmering budget dispute is adding to concerns about the country’s real economic problem: a lack of growth. What’s News Europe

Italy Tries to End Budget Fight With EU as Economy Teeters

December 8, 2018 |

Italy’s populist government is looking for a route out of a fight with the European Union over its budget, as the financial fallout from the clash pushes the economy to the brink of recession. What’s News Europe

Italy’s Big Budget Is Taking a Toll on Business

November 22, 2018 |

Company loans are becoming more costly after the government’s generous spending prompted investors to demand higher risk premiums on Italian bonds, raising banks’ borrowing costs. What’s News Europe

Italy Snubs EU on Budget Plans

November 16, 2018 |

The populist Italian government says proposed fiscal measures are needed to finance costly policies it promised its voters. What’s News Europe

Italy’s Government Passes Draft Budget That Would Widen Deficit

October 17, 2018 |

Italy’s government approved a draft budget law for next year, confirming a set of expansionary measures that could lead to a fast-rising deficit and a conflict with the European Union. What’s News Europe

US Budget Deficit Surges to Highest Level in 6 Years

October 15, 2018 |

The federal budget deficit has surged to $ 779 billion in fiscal 2018, its highest level in six years as President Trump’s tax cuts caused the government to borrow more heavily in order to cover its spending. The Treasury Department said Monday that the deficit climbed $ 113 billion from fiscal 2017,…

Italy Faces Crunch Time on Budget

September 25, 2018 |

Italy’s new populist government has until Sept. 27 to make a difficult decision: How to reconcile its expensive election promises with the reality of the country’s fragile finances. What’s News Europe

U.S. economy will grow 3.1% this year and then slow, Congressional Budget Office projects

August 14, 2018 |

The U.S. economy is projected to grow 3.1% this year as more government spending and tax cuts help propel an expansion, the Congressional Budget Office said Monday.

But the robust run of growth may stall as early as next year, with the U.S. economy expected to slow in 2019 and during the following…

L.A. Times – Business

UK Police Top up Budget With Proceeds From Sale of Seized BTC

July 22, 2018 |

UK Police Top up Budget With Proceeds From Sale of Seized BTC

A UK police department has sold 295 BTC which they say were legally seized from a drug dealer. The court ordered him to forfeit his crypto stored in a hardware wallet. The police reportedly get to keep 18.8% of the sale proceeds.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

British Police Seized BTC from Drug Dealer

The Crown Prosecution Service (CPS), the principal public prosecuting agency for conducting criminal prosecutions in England and Wales, unveiled this week the details of a case involving 295 BTC. The CPS wrote:

A drug dealer and money launderer who was using cryptocurrency to conceal his funds has had over £1.2 million [~US$ 1.6 million] worth of bitcoins seized, restrained and then converted into British pounds in the first case of its kind.

UK Police Top up Budget With Proceeds From Sale of Seized BTC
Sergejs Teresko.

Sergejs Teresko, a 31-year-old Latvian, was arrested on suspicion of money laundering and drug offenses in April last year. A “cannabis factory,” a number of fake identification cards, luxury goods such as jewelry and Rolex watches, gold bars, expensive cars and large sums of cash were found at his home in Surrey, a county in southeast England.

He pleaded guilty on October 6 “to one count of being knowingly concerned in the production of a controlled drug, one count of possessing criminal property, one count of possession of articles for use in frauds and six counts possession of an identity document with improper intention,” the CPS detailed.

Teresko “was later convicted of money laundering and drug offenses at Kingston Crown Court where he was sentenced to nine years, three months in prison,” the agency noted:

In total, Teresko was found to have made £2,058,613 [~$ 2,703,578] from his crimes with an available amount of £1,447,935 [~$ 1,901,574] to pay back. He was given three months to pay the order or would have to spend a further 10 years in prison.

Kingston Crown Court ruled on Thursday that Teresko must forfeit the £1,447,935 “of his ill-gotten gains, including bitcoin,” the Financial Times reported.

Keepkey Wallet Found

According to Surrey Live, a Keepkey hardware wallet was found at Teresko’s home. Surrey Police then secured a warrant to access the device. DI Rob Bryant of South East Regional Organised Crime Unit was quoted by the news outlet:

We didn’t think we were going to actually find anything in these wallets. We thought we would open them and there’d be nothing there.

The cops, however, found two wallets on the device. The first did not contain anything but the second had 295 BTC. When they found out the coins’ worth, “the colour started to drain from a number of faces,” the publication quoted Bryant saying.

The Independent elaborated:

Surrey Police has now become the first UK force to successfully seize bitcoin, convert it into sterling and be granted permission by a court to keep the cash for government and police coffers.

Police Can Keep 18.8%

Using “powers under the Proceeds of Crime Act,” Surrey Police seized Teresko’s coins, the CPS revealed.

UK Police Top up Budget With Proceeds From Sale of Seized BTCCiting BTC’s “extreme volatility and the risk of it being moved on or stolen,” the cops applied to the court to seize the coins and convert them into sterling, Surrey Live described. They convinced the judge that “bitcoin was a real thing that could be seized,” the news outlet wrote.

The CPS explained that it “applied to have the restrained bitcoins converted into pounds. The 295 bitcoins were then sold by Surrey Police through an approved bitcoin exchange.”

According to the Financial Times, the police “set up its own bitcoin wallet and then used an offshore exchange to transfer and convert” the seized BTC. The proceeds were then “transferred to a police bank account,” the publication added:

Surrey Police gets to keep 18.8 percent of the proceeds of Teresko’s crimes — about £273,000 — which the force can use to top up its operating budget.

What do you think of this case? Let us know in the comments section below.

Images courtesy of Shutterstock and Surrey Police.

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The post UK Police Top up Budget With Proceeds From Sale of Seized BTC appeared first on Bitcoin News.

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