UK bill aims to curb criminal use of cryptocurrencies
UK’s Economic Crime and Corporate Transparency Bill seeks to crack down on criminal activities involving cryptocurrencies by enabling law enforcement agencies to seize and freeze digital assets.
The Economic Crime and Corporate Transparency Bill has been passed by the UK House of Lords with the aim of assisting law enforcement agencies in combating criminal activities involving cryptocurrencies.
The bill, which now awaits approval from the House of Commons, includes provisions for seising and freezing cryptocurrencies linked to crime. Amendments were made to extend these measures to terrorism cases and to enable authorities to seize property that could help identify crypto tied to criminal activities. Furthermore, an amendment allows courts to request the seizure and freezing of cryptocurrencies used in criminal acts.
This bill is part of the UK government’s broader agenda to combat the misuse of cryptocurrencies for illicit purposes. To support this effort, the country has even established specialised crypto teams within the National Crime Agency. These teams are trained and equipped to proactively investigate cryptocurrency-related crimes and assist in identifying and seizing digital assets associated with criminal activities.