UK’s new bill aims to help law enforcement seize, freeze crypto

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The Unit­ed King­dom has intro­duced a new bill that would make it eas­i­er for law enforce­ment agen­cies to freeze and seize cryp­to assets.

The bill, tagged the Eco­nom­ic Crime and Cor­po­rate Trans­paren­cy, will strength­en the country’s image as a place for legit­i­mate busi­ness­es to thrive while dri­ving out dirty money.

U.K. targets crypto in new bill

Accord­ing to the author­i­ties, orga­nized crim­i­nals increas­ing­ly use cryp­tocur­ren­cies to laun­der prof­its from fraud, drugs, and cybercrime.

The direc­tor gen­er­al for the Nation­al Crime Agency, Graeme Big­gar, said:

“Domes­tic and inter­na­tion­al crim­i­nals have for years laun­dered the pro­ceeds of their crime and cor­rup­tion by abus­ing U.K. com­pa­ny struc­tures and are increas­ing­ly using cryp­tocur­ren­cies. These reforms – long await­ed and much wel­comed – will help us crack down on both.”

Mean­while, author­i­ties in the coun­try are already tack­ling cryp­to-relat­ed crimes even with­out the bill.

Accord­ing to a BBC report, the Met­ro­pol­i­tan Police seized £180 mil­lion ($200 mil­lion) worth of cryp­to linked to inter­na­tion­al mon­ey laun­der­ing in July 2021 alone.

Sev­er­al gov­ern­ment agen­cies, includ­ing the Home Office, Depart­ment for Busi­ness, Ener­gy & Indus­tri­al Strat­e­gy, Seri­ous Fraud Office, H.M. Trea­sury, Min­istry of Jus­tice, and Com­pa­nies House, Con­tributed to the 250-page document.

The first read­ing of the bill hap­pened in the House of Com­mons on Thurs­day, with the sec­ond read­ing sched­uled for Oct. 13.

While there is a focus on cryp­tocur­ren­cies in the bill, there is much more to the pro­posed law. It is one of the most sig­nif­i­cant upgrades to the exist­ing laws in the past few years.

The bill would give Com­pa­nies House the most pow­ers it has had in 170 years as the orga­ni­za­tion will now have more con­trol over the cre­ation a company.

 

Post­ed In: U.K., Reg­u­la­tion

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