The UK Parliament has made significant strides with the Economic Crime and Corporate Transparency Bill. The bill aims to enhance law enforcement’s ability to seize and freeze cryptocurrency involved in illegal activities. The House of Lords approved the bill on Tuesday, taking it one step closer to becoming a law.
While the House of Lords did not amend the bill’s cryptographic provisions, previous sessions introduced revisions to ensure their application in terrorism cases. These modifications enhance the scope of the bill’s restrictions. Additionally, the bill includes provisions to empower law enforcement agencies in seizing assets that can assist in identifying cryptocurrency associated with criminal activity. These measures enhance the capability to trace and recover illicitly obtained digital assets. Furthermore, the bill implemented an amendment empowering judges to request the confiscation and freezing of cryptocurrencies used in illicit activities. This change strengthens the judicial authority in dealing with crypto-related crimes.
The UK government announced its three-year plan to tackle economic crime in March, which includes addressing the use of cryptocurrency for illegal activities. As part of this effort, crypto tactical advisers have been appointed to police departments nationwide to aid in identifying and seizing digital assets associated with criminal activity. These advisers will contribute to the effective investigation and prevention of cryptocurrency-related crimes.
UK Strengthens Efforts to Combat Cryptocurrency Crime with Advancement of Bill
The bill’s introduction showcases the government’s dedication to combatting money laundering and corruption facilitated by UK corporate structures. It also addresses the increasing adoption of cryptocurrencies by both domestic and international criminals. Graeme Biggar, the director general of the National Crime Agency, welcomed and eagerly anticipated the revisions. He believes they will aid in combating cryptocurrency-related criminal activities.
Before becoming law, the bill must now pass the House of Commons’ final stages of assessment and approval. The bill requires royal assent to become law after both chambers of Parliament agree upon it. Both chambers of Parliament can debate the bill repeatedly until reaching an agreement.
The UK hopes to improve its regulatory framework and its capacity to combat cryptocurrency-related criminal activity with the advancement of this bill, ensuring a safer financial environment for its residents.