{"id":14127,"date":"2022-09-22T22:08:35","date_gmt":"2022-09-22T22:08:35","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/uk-govt-introduces-bill-aimed-at-empowering-authorities-to-seize-freeze-and-recover-crypto\/"},"modified":"2022-09-22T22:08:37","modified_gmt":"2022-09-22T22:08:37","slug":"uk-govt-introduces-bill-aimed-at-empowering-authorities-to-seize-freeze-and-recover-crypto","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/uk-govt-introduces-bill-aimed-at-empowering-authorities-to-seize-freeze-and-recover-crypto\/","title":{"rendered":"UK gov’t introduces bill aimed at empowering authorities’ to ‘seize, freeze and recover’ crypto"},"content":{"rendered":"

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The government of the United Kingdom has introduced a bill aimed at cracking down on money laundering and fraud, specifically by expanding the authorities\u2019 ability to target cryptocurrencies used for illicit purposes.<\/p>\n

In a Thursday announcement, the U.K. government said lawmakers had introduced the Economic Crime and Corporate Transparency Bill in Parliament as part of efforts to drive \u201cdirty money\u201d out of the country. The bill contained provisions forcutting down on the \u201cred tape around confidentiality liability\u201d and granting law enforcement the authority \u201cto compel businesses to hand over information which could be related to money laundering or terrorist financing,\u201d including crypto.<\/p>\n

\u201cThe new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover cryptoassets \u2014 the digital currency increasingly used by organised criminals to launder profits from fraud, drugs and cybercrime,\u201d said the government. \u201cStrengthening powers in the Proceeds of Crime Act will modernise the legislation to ensure agencies can keep pace with the rapid technological change and prevent assets from funding further criminality.\u201d<\/p>\n

Graeme Biggar, director general of the U.K.\u2019s National Crime Agency, said: <\/p>\n

\u201cDomestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing U.K. company structures, and are increasingly using cryptocurrencies. These reforms \u2014 long awaited and much welcomed \u2014 will help us crack down on both.\u201d<\/p><\/blockquote>\n

The bill, first announced by King Charles \u2014 who at the time was still Prince \u2014 in May during the Queen\u2019s Speech to both houses of the U.K. Parliament, was said to \u201ctackle illicit finance, reduce economic crime and help businesses grow.\u201d The country\u2019s Economic and Finance Ministry has also been working toward incorporating stablecoins as a means of payment into its regulatory framework. <\/p>\n

According to the U.K. government, expanding the authorities\u2019 ability to seize, freeze and recover crypto built upon legislation making it \u201cquicker to impose tough sanctions\u201d on individuals tied to Russian President Vladimir Putin following the invasion of Ukraine. The bill came following a major shakeup in the United Kingdom\u00a0with the passing of Queen Elizabeth II and Prime Minister Liz Truss replacing Boris Johnson.<\/p>\n

Related: <\/em><\/strong>UK economic secretary commits to make country a crypto hub under new PM<\/em><\/strong><\/p>\n

According to the government, the Metropolitan Police claimed there had been \u201ca big rise in cryptocurrency seizures\u201d in 2021 as the space and number of users had grown. The BBC reported in July 2021 the police had separately seized 114 million and 180 million pounds \u2014 roughly $331 million combined at the time of publication \u2014 worth of crypto tied to international money laundering.<\/p>\n