December 4, 2022

The British government has introduced the Economic Offenses and Corporate Transparency Bill in Parliament that would make it “easier and faster” for law enforcement agencies to “seize, freeze and recover crypto assets”. The government emphasized: “We must ensure that law enforcement agencies have the right legislative framework in place to recover crypto assets from criminals.”

New UK bill to help authorities seize, freeze and recover crypto

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The British government introduced the Economic Offenses and Corporate Transparency Bill in the House of Commons on Thursday. bill “The goal of strengthening Britain’s fight against economic crime,” the government elaborated, “will also support efforts to combat terrorist financing.”

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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 – increasingly used by organized criminals to profit from fraud, drugs and cybercrime. digital currency.

In addition, the bill includes amendments to the Proceedings of Crime Act 2002 (POCA) to support the recovery of crypto assets.

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“We must ensure that law enforcement agencies have the right legislative framework in place to recover criminals’ crypto assets to ensure that crime does not pay off and that those assets are used to fund further criminality and terrorist activities. to be used for,” the government continued. “The use of this digital currency has increased significantly in recent years, with the Metropolitan Police reporting a large increase in cryptocurrency seizures last year.”

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National Crime Agency Director General Graeme Bigger commented:

Domestic and international criminals have laundered the proceeds of their crime and corruption by abusing UK corporate structures for years, and are increasingly using cryptocurrencies.

Crypto regulation in the UK may change under new Prime Minister Liz Truss. Several key officials who previously worked on the country’s crypto policy had resigned from the government before taking office, including former Chancellor of the Exchequer 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 stablecoins.

Sunak said in April: “It is my ambition to make the UK a global hub for crypto asset technology, and the measures we outlined today will help ensure that firms invest, innovate and expand in this country.” can do.” Glenn said similarly: “We want this country to become a global hub – the best place in the world for crypto-companies to start and scale.”

What do you think about the UK Economic Offenses and Corporate Transparency Bill? Let us know in the comments section below.

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