The British government has introduced the Economic Crime and Corporate Transparency Act to Parliament, which would make it easier and faster for law enforcement agencies to “seize, freeze and recover crypto assets.” “We must ensure that law enforcement agencies have the right legal framework to recover the crypto assets of criminals,” the government stressed.
UK’s new bill to help authorities seize, freeze and recover crypto
The British government introduced the Economic Crime and Corporate Transparency Act in the Commons on Thursday. The bill aims to strengthen the UK’s fight against economic crime, the government said: “It will also support efforts to tackle terrorist financing.”
The government said:
The new law will make it easier and faster for law enforcement agencies like the National Crime Agency to seize, freeze and recover crypto assets – organized criminals are increasingly using the digital currency to launder profits from fraud, drug and cybercrimes.
The bill also includes amendments to the Procedure of Criminal Procedure Act 2002 (POCA) to support the recovery of crypto assets.
“We need to ensure that law enforcement agencies have the right legal framework to ensure that they do not criminalize the use of criminal crypto assets and to recover criminal crypto assets that are used to finance further criminal and terrorist activities,” the government continued. “This digital currency has increased significantly in recent years, with the Metropolitan Police reporting a large increase in cryptocurrency seizures last year.”
National Crime Agency Director General Graeme Biggar commented.
Domestic and international criminals have been misusing the proceeds of crime and corruption through UK company structures for years and are using cryptocurrencies.
Crypto regulation may be undergoing changes in the UK under new Prime Minister Liz Truss. Several top officials who previously worked on the country’s crypto policy left the government before taking office, including former Foreign Office Chancellor Rishi Sunak and Treasury Economic Secretary John Glenn.
In May, the UK government outlined its plans to support crypto adoption and reaffirmed its commitment to regulating the stablecoin.
Sunak said in April: “It is my aim to make the UK a global hub for crypto asset technology, and the measures we have announced today will help ensure that companies can invest, innovate and grow in this country. Glenn similarly said, “We want this country to be a global hub — the best place in the world to start and scale crypto companies.
What do you think about the UK Economic Crime and Corporate Transparency Act? Let us know in the comments section below.
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