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

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

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

According to the UK news site, the Economic Crime and Corporate Transparency Bill Goals to drive dirty money out of the country and allow legitimate businesses to thrive as part of the government’s plans to turn the UK into a global hub for crypto investments.

If approved, the law will allow law enforcement to compel companies to submit information related to money laundering and terrorist financing. It will also empower authorities, including the National Crime Agency, to seize, freeze, and recover crypto assets.

The bill calls for tighter control of digital coins as criminal organizations increasingly use the new asset class to launder the proceeds of illicit activities, including those involving drugs and cybercrimes.

“Use of this digital currency has increased dramatically in recent years, with the Metropolitan Police reporting a surge in cryptocurrency seizures last year. The increased powers of the Proceeds of Crime Act will modernize legislation to ensuring that agencies can keep pace with rapid technological change and prevent assets from further funding crime.

Lawmakers are proposing the new measure following the election of Truss who past statements suggest is pro-crypto. In 2018, she share 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 restrict prosperity.

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Feature image: Shutterstock/Jevanto Productions

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