United Kingdom Proposes Bill For Easy Crypto Seizures
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- In June, the Met was able to seize a total of $158.0 million.
- The previous British government was particularly enthusiastic about the introduction of crypto.
In an effort to combat cybercrime, money laundering and “foreign kleptocrats,” the Financial Crimes and Corporate Transparency Act, which would strengthen police powers over cryptocurrencies, was tabled in the UK Parliament on Wednesday.
While the bill doesn’t specifically mention cryptocurrencies, it would make it “easier and faster” for law enforcement agencies such as the National Crime Agency to “seize, freeze and recover crypto assets” by updating and strengthening “proceeds of crime.” law”, a law passed in 2002 to combat money laundering.
Graeme Biggar, director general of the National Crime Agency, said in a statement:
“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.
Global Crypto Hub
In the summer of 2021, Britain’s Metropolitan Police (Met) Financial Crimes Unit conducted two separate raids that seized hundreds of millions of dollars worth of crypto. After conducting a wide-ranging investigation into several money laundering cases in June, the Met managed to seize a total of $158.0 million.
After further investigation, the Met made an even larger seizure of $250 million only three weeks later. The UK is generally supportive of cryptocurrency because of its potential as a game-changing innovation. Particularly enthusiastic was the previous British government, which in April announced plans to become a “global technology hub for cryptoassets.” Crypto markets have been trading in the red for the past few days with major currencies haunted by bears.
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