Mathisen Marketing

Your Marketing Blog

UK Introduces Law to Crackdown on Crypto Money Laundering and Fraud – crypto.news

UK Introduces Law to Crackdown on Crypto Money Laundering and Fraud – crypto.news

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

The United Kingdom has introduced a new bill in Parliament that will make it easier for law enforcement to seize, freeze and recover cryptocurrencies when they are used for criminal activities such as money laundering, drug trafficking and cybercrime.

The 250-page Bill goes beyond encryption

The new Economic Crime and Business Transparency Act was introduced through a joint effort between the Home Office, Business, Energy and Industrial Strategy, the Serious Fraud Office and the Treasury. The first session was this Thursday and the next one is scheduled for October 13th.

The new law would make it simpler and faster for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets.

In the same announcement, the UK government reiterates a common misconception used to define cryptocurrency: “a digital currency increasingly used by organized criminals to launder fraud, drugs and cybercrime“.

But the purpose of this framework goes beyond crypto and is said to improve the UK’s reputation as a place where legitimate businesses can thrive in driving dirty money out of the country. Its provisions require anyone registering a business in the UK to provide proof of identity, preventing businesses from acting as cover for criminal activity or overseas kleptocrats.

National Crime Agency Director General Graeme Biggar stated that “Domestic and international criminals have been laundering the proceeds of their crimes and corruption for years, abusing UK business structures and increasingly using cryptocurrencies. These reforms – long overdue and very welcome – will help us curb both“.

Although the bill has yet to be passed, London’s Metropolitan Police have already seen an increase in cryptocurrency seizures in 2021. According to the BBC, by June 10, 2021, they had seized nearly £180 million worth of cryptocurrency.

In March 2022, Britain already approved the Financial Crimes Act (Transparency and Enforcement), which will implement the sanctions related to Russia’s invasion of Ukraine. The new legislative initiative continues this trend, easing regulator concerns about the use of cryptocurrencies to circumvent sanctions imposed by the European Union (EU).

Global trend in crypto regulation

In the United States, the Federal Reserve has recently published a guide that provides additional information for banks that engage or wish to engage in crypto.

In the EU, the establishment of a new regulatory body focused on preventing money laundering in the crypto sector is one of the most important provisions of the new anti-money laundering directive 6.

Even recently, reports emerged indicating that the groundbreaking Markets in Crypto Assets Regulation (known by the acronym MiCA) had reached its final draft and will soon be approved by the EU Parliament.

Authorities around the world have been scrambling to pass and enforce new rules to regulate cryptocurrencies. The law on financial crime and corporate transparency is only the latest in a long framework that is expected to enter into force in late 2022 or early 2023.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published.

Latest Posts

  • Rejoice DOGE investors! Your wish for better days may be granted 

    Rejoice DOGE investors! Your wish for better days may be granted 

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Dogecoin [DOGE], one of the most popular meme machines, had recently returned to the limelight as it registered promising gains in the past seven days. DOGE’s performance just underperformed current leader XRP, gaining 5% in value in 24 hours. At […]

    Read More

  • Convex Finance: 13 unlocks later, CVX stands far from investor anticipation 

    Convex Finance: 13 unlocks later, CVX stands far from investor anticipation 

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Convex Finance, a DeFi protocol built on Curve Finance, started opening its CVX tokens on June 30th. This was carried out to combat the limited liquidity crisis that prevented CVX tokens from being exchanged for Ethereum [ETH] in its protocol. […]

    Read More