Woman Who Laundered 150 BTC Sentenced To Jail By UK Court

A woman has been sentenced by the Southwark Crown Court in London, UK, to nearly seven years in jail for her involvement in a money laundering scheme involving Bitcoin. She allegedly knowingly took part in a billion-dollar investment scam.

More Than Meets The Eye

Jian Wen, formerly employed in fast food, received a sentence of six years and eight months for her role in laundering substantial amounts of Bitcoin (BTC) associated with a $6.4 billion fraud in China. The trial found her guilty of laundering funds tied to approximately 150 Bitcoin for a Chinese individual between 2017 and 2022. Authorities seized over 61,000 BTC worth more than $4 billion.

During the sentencing, Judge Sally-Ann Hales emphasized the sophistication of the offense, stating that Wen knew the nature of her actions. Despite holding British and Chinese citizenship, Wen denied the allegations and is appealing her conviction, portraying herself as a victim manipulated by another individual.

However, prosecutors argued that Wen acted out of greed, playing a significant role in managing the crypto wallet linked to the laundering operation. They described her as a front person facilitating the conversion of stolen funds into Bitcoin and back into cash.

A Crime Of Ignorance

Wen maintained her innocence, claiming she was striving for a better life for her son and denying knowledge of the criminal origins of the Bitcoin in question. Yet, she was found guilty of one count of money laundering in March, while two other counts resulted in a hung jury.

Judge Hales stressed that while there was no evidence linking Wen to the initial fraud, she was aware of handling criminal proceeds. Wen was sentenced to six years and eight months in prison for a single count of money laundering.

Regarding broader regulations, the EU recently passed an anti-money laundering regulation targeting crypto-asset service providers (CASPs). The regulation aims to empower Financial Intelligence Units (FIUs) to detect and combat money laundering and terrorist financing, introducing enhanced due diligence measures and oversight through a new supervisory body, AMLA.