The UK government has introduced an economic crime and corporate transparency bill to parliament that will make it “easier and faster” for law enforcement to “seize, freeze and recover crypto assets.” The government stressed, “We need to put in place a proper legal framework for law enforcement agencies to recover criminals’ crypto assets.”
New UK Bill to Help Authorities Seize, Freeze, and Recover Crypto
The UK government introduced the Economic Crime and Corporate Transparency Bill in the House of Commons on Thursday. The bill “aims to strengthen the UK’s fight against economic crime”, the government detailed, and said it would “also support efforts to tackle the financing of terrorism”.
The government explained:
The new law will make it easier and faster for law enforcement agencies such as the National Crime Agency to seize, freeze, and recover crypto assets. Crypto-assets are digital currencies increasingly used by organized criminals to launder profits from fraud, drugs and cybercrime.
Additionally, the bill includes amendments to the Proceeds of Crime Act of 2002 (POCA) to support the recovery of crypto assets.
“Appropriate measures for law enforcement to recover criminals’ crypto assets, ensure that crimes go unrewarded, and prevent those assets from being used to fund further criminal and terrorist activities. We need to ensure a legal framework,” the government continued. “The use of this digital currency has increased significantly in recent years, with the Metropolitan Police Department reporting a significant increase in seizures of cryptocurrencies in the last year.”
National Crime Agency Director Graham Bigger said:
Domestic and international criminals have been exploiting the UK corporate structure to launder the proceeds of crime and corruption for years and are increasingly using cryptocurrencies.
Crypto regulation may be undergoing a change in the UK under the new Prime Minister, Liz Truss. Several key officials who had been in power resigned from the government before she took office.
In May, the UK government outlined plans to support crypto adoption and confirmed its commitment to regulating stablecoins.
Sunak said in April: Glenn similarly said, “We want this country to be a global hub. It’s the best place in the world to launch and scale a cryptocurrency company.”
What are your thoughts on the UK’s economic crime and corporate transparency bill? Let us know in the comments section below.
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UK Proposes New Law To Make It Easier And Faster To “Seize, Freeze And Recover” Crypto Assets – Regulation Bitcoin News
Source link UK Proposes New Law To Make It Easier And Faster To “Seize, Freeze And Recover” Crypto Assets – Regulation Bitcoin News