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New UK Economic Crime and Corporate Transparency Bill Enables Authorities To ‘Seize, Freeze and Recover’ Crypto

New UK Economic Crime and Corporate Transparency Bill Enables Authorities To ‘Seize, Freeze and Recover’ Crypto

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British lawmakers are proposing a new law that could pave the way for tougher measures on the crypto industry following the election of Prime Minister Liz Truss, who previously commented on exempting the industry from overly restrictive regulations.

According to a UK information website, the Economic Crime and Corporate Transparency Bill primarily aims to drive dirty money out of the country and allow legitimate businesses to thrive in the government’s plans to make the UK a global hub for crypto investments.

If the law is approved, law enforcement authorities can oblige companies to provide information related to money laundering and terrorist financing. It also empowers authorities, including the National Crime Agency, to seize, freeze and return crypto-assets.

The bill calls for tighter controls on digital coins as criminal organizations increasingly use the new asset class to launder proceeds from illegal activities, including drugs and cybercrimes.

“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. Strengthening the powers of the Proceeds of Crime Act will reform legislation to ensure agencies can keep pace with rapid technological change and prevent assets from funding more crime.

Lawmakers are proposing the new measure following the election of Truss, whose previous statements suggest he is in favor of crypto. In 2018, he shared his views on restrictive crypto regulations.

“We should welcome cryptocurrencies in a way that does not limit their potential. Unleash free enterprise zones by removing regulations that limit prosperity.”

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Featured image: Shutterstock/Jevanto Productions



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