England is introduced New bill to make it easier for law enforcement to freeze and seize crypto assets.
Tagged with economic crime and corporate transparency, the bill will bolster the country’s image as a place where legitimate businesses thrive and keep dirty money out.
UK targets crypto with new bill
Organized criminals are increasingly using cryptocurrencies to launder profits from fraud, drugs and cybercrime, according to officials.
National Crime Agency Director Graham Bigger said:
“National and international criminals have been exploiting the UK corporate structure to launder the proceeds of crime and corruption for years and increasingly using cryptocurrencies. It’s been long overdue and much welcomed, but it will help crack down on both.”
Meanwhile, the country’s authorities are already tackling crypto-related crimes, even without a bill.
according to BBC In July 2021 alone, London Metropolitan Police reportedly seized £180m ($200m) worth of cryptocurrencies linked to international money laundering.
Several government agencies, including Home Office, Department for Business, Energy & Industrial Strategy, Serious Fraud Office, HM Treasury, Ministry of Justice, and Companies House contributed to the 250-page document.
The bill’s first reading will take place in the House of Representatives on Thursday, with a second reading scheduled for October 13.
While the bill focuses on cryptocurrencies, the proposed legislation goes far beyond that. This is one of the most significant upgrades to existing legislation in the last few years.
The bill would give the corporations House of Representatives the most power in 170 years, as it would give organizations more control over how companies are formed.