A bill that will assist law enforcement in seizing and freezing cryptocurrency used for criminal activity was approved by UK lawmakers on Thursday.
The Economic Crime and Corporate Transparency Bill, which will go into effect on Thursday, is anticipated to receive the King’s approval and address a variety of criminal activities, including cybercrime and drug trafficking. The bill contains provisions that give local law enforcement more authority and permit them to seize cryptocurrency linked to criminal activity without requiring a conviction. Experts believe this would be useful in cases requiring quick decisions.
Since the bill’s introduction in September last year, it has undergone amendments to guarantee that the measures are extended to include counterterrorism measures. Additional provisions were added to assist authorities in seizing other assets that may be used to identify cryptocurrency linked to criminal activity.
Despite expressing a goal to become a global centre for cryptocurrency and passing laws to legalise it in the nation, the United Kingdom has also been cracking down on scams and crypto crime. Hundreds of millions of pounds’ worth of cryptocurrency linked to illegal activity has already been taken into custody by law enforcement, and police departments all over the country now have crypto tactical advisers assigned to help with investigations.