The United Kingdom has proposed a new bill that would make it simpler for law authorities to freeze and take cryptocurrency holdings, as reported by Cryptoslate.
The Economic Crime and Corporate Transparency Act will reinforce the country’s image as a safe haven for respectable firms while pushing away illicit money. Authorities claim that organised crime is increasingly using cryptocurrencies to launder revenues from fraud, drugs, and cybercrime, Cryptoslate noted.
“Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK company structures and are increasingly using cryptocurrencies. These reforms- long-awaited and much welcomed will help us crack down on both,” Graeme Biggar, director general, National crime agency, said.
Meanwhile, authorities in the country are actively combating crypto-related crimes in the absence of the statute. According to a BBC story, the Metropolitan Police confiscated £180 million ($200 million) in crypto connected to international money laundering in just one month in July 2021.
The Home Office, Department for Business, Energy and Industrial Strategy, Serious Fraud Office, H.M. Treasury, Ministry of Justice, and Companies House all contributed to the 250-page dossier, Cryptoslate further noted.
(With insights from Cryptoslate)