The British authorities has offered the Economic Crime and Corporate Transparency Bill to Parliament that can “make it easier and quicker” for legislation enforcement businesses “to seize, freeze and recover crypto assets.” The authorities confused: “We must ensure that law enforcement agencies have the right legislative framework in place to recover criminals’ crypto assets.”
UK’s New Bill to Help Authorities Seize, Freeze, and Recover Crypto
The British authorities launched the Economic Crime and Corporate Transparency Bill within the House of Commons Thursday. The bill “aims to strengthen the U.K.’s fight against economic crime,” the federal government detailed, noting that “It will also support efforts to tackle terrorist financing.”
The authorities defined:
The new legislation will make it simpler and faster for legislation enforcement businesses such because the National Crime Agency to seize, freeze and recuperate crypto property — the digital foreign money more and more utilized by organized criminals to launder earnings from fraud, medication and cybercrime.
Moreover, the invoice contains amendments to the Proceeds of Crime Act 2002 (POCA) to assist the recovery of crypto property.
“We must ensure that law enforcement agencies have the right legislative framework in place to recover criminals’ crypto assets to ensure crime does not pay and prevent those assets being used to fund further criminality and terrorist activities,” the federal government continued. “The use of this digital currency has significantly increased in recent years, with the Metropolitan Police reporting a big rise in cryptocurrency seizures last year.”
Director General of the National Crime Agency Graeme Biggar commented:
Domestic and worldwide criminals have for years laundered the proceeds of their crime and corruption by abusing U.Ok. company buildings, and are more and more utilizing cryptocurrencies.
Crypto regulation could also be present process modifications within the U.Ok. below the brand new prime minister, Liz Truss. Several key officers who beforehand labored on the nation’s crypto coverage resigned from authorities earlier than she took office, together with Former Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen.
In May, the U.Ok. authorities outlined its plans to assist crypto adoption and affirmed its dedication to regulate stablecoins.
Sunak stated in April: “It’s my ambition to make the U.K. a global hub for crypto asset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate, and scale up in this country.” Glen equally stated: “We want this country to be a global hub — the very best place in the world to start and scale crypto-companies.”
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