In a significant move, the Economic Crime and Corporate Transparency Bill, aimed at enhancing the capabilities of law enforcement in seizing and freezing cryptocurrencies associated with criminal activities, has officially become law in the UK, a government statement said.
“It will have a big impact on our ability to fight organised crime, including terrorist funding, fraud and money laundering, and that will ultimately help keep us all safe,” the statement quoted UK Home Secretary Suella Braverman as saying.
Following approval from the King, the bill, introduced last September, extends its coverage from drug trafficking to cybercrime. Notably, local law enforcement now possesses broader powers to seize crypto linked to criminal activities without requiring a prior conviction, a measure deemed crucial in time-sensitive cases.
Amendments have been incorporated to encompass terrorism-related offenses, and additional provisions enable authorities to seize assets aiding in the identification of crypto tied to illicit activities. Despite the UK’s aspirations to establish itself as a global crypto hub and enact legislation supporting cryptocurrency, this move underscores the government’s commitment to combating crypto-related crimes and scams.
Law enforcement agencies have already demonstrated their dedication by seizing substantial amounts of cryptocurrency associated with criminal endeavors, reinforcing the nation’s stance on maintaining a secure crypto environment.
