New UK Bill to Give Law Enforcement Agencies More Power on Crypto-Crime Clampdown

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UK House of Commons; Photo Source: About-Britain.com

According to the government’s announcement, “The new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets...”

A new anti-money laundering bill has been introduced in the UK today. While covering more than just crypto, the bill is intended to make it easier for law enforcement agencies to seize digital assets as part of a broader crackdown on money laundering.

The 250-page Economic Crime and Corporate Transparency Bill was first promised in May and was introduced by the Home Office, Department for Business, Energy and Industrial Strategy, Serious Fraud Office, and Treasury.  The first reading was held in the House of Commons on Thursday, with the second reading scheduled for October 13.

The bill is part of the government's unprecedented effort to prevent kleptocrats and organized criminals from exploiting the UK's open economy. The primary goal is to eradicate dirty money from the economy and make the UK the best place to invest and start a business.

According to the government’s announcement:

“The new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets – the digital currency increasingly used by organized criminals to launder profits from fraud, drugs, and cybercrime.”

While commenting on the development, the Director General of the National Crime Agency, Graeme Biggar, said: 

“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.”

However, the authorities have not been powerless without the bill. According to the BBC, London's Metropolitan Police seized a record 180 million British pounds (US$200 million) of cryptocurrency linked to international money laundering in July of last year, following a 114 million-pound haul in June.

The UK has introduced a new bill to give enforcement agencies greater power to "seize, freeze, and recover" cryptocurrencies. The bill seeks to strengthen anti-money laundering measures and make the UK business-friendly.

Written by
Chiagoziem Bede Ikwueze

According to the government’s announcement, “The new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets...”

A new anti-money laundering bill has been introduced in the UK today. While covering more than just crypto, the bill is intended to make it easier for law enforcement agencies to seize digital assets as part of a broader crackdown on money laundering.

The 250-page Economic Crime and Corporate Transparency Bill was first promised in May and was introduced by the Home Office, Department for Business, Energy and Industrial Strategy, Serious Fraud Office, and Treasury.  The first reading was held in the House of Commons on Thursday, with the second reading scheduled for October 13.

The bill is part of the government's unprecedented effort to prevent kleptocrats and organized criminals from exploiting the UK's open economy. The primary goal is to eradicate dirty money from the economy and make the UK the best place to invest and start a business.

According to the government’s announcement:

“The new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets – the digital currency increasingly used by organized criminals to launder profits from fraud, drugs, and cybercrime.”

While commenting on the development, the Director General of the National Crime Agency, Graeme Biggar, said: 

“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.”

However, the authorities have not been powerless without the bill. According to the BBC, London's Metropolitan Police seized a record 180 million British pounds (US$200 million) of cryptocurrency linked to international money laundering in July of last year, following a 114 million-pound haul in June.

The UK has introduced a new bill to give enforcement agencies greater power to "seize, freeze, and recover" cryptocurrencies. The bill seeks to strengthen anti-money laundering measures and make the UK business-friendly.

Written by
Chiagoziem Bede Ikwueze