- The crypto-related parts of the bill were not amended in the House of Lords.
- Uk wants to prioritize stopping the illegal use of crypto as part of economic crime policy.
After the House of Lords adopted the Economic Crime and Corporate Transparency Bill on Tuesday, British law enforcement will have new options for seizing and freezing offenders’ crypto holdings.
While the bill as a whole was amended during previous sessions to ensure its provisions applied in cases of terrorism and to make it more feasible for law enforcement to seize assets that can be used to discover crypto that has been associated with crime, the crypto-related parts of the bill were not amended in the House of Lords. Additionally, a new clause was added to allow courts to direct the confiscation and freezing of crypto assets belonging to offenders.
Stopping Illegal Crypto Use
Moreover, in March, the UK government said that for the next three years, it would prioritize stopping the illegal use of crypto as part of its economic crime policy. In an attempt to locate and reclaim criminals’ digital fortune, the government has sent crypto tactical consultants to police departments around the nation.
In a September statement, National Crime Agency Director General Graeme Biggar said:
“Domestic 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 – long awaited and much welcomed – will help us crack down on both.”
Once a measure has been accepted by the Lords, it is sent to the House of Commons for final approval and passage. Legislation becomes law if it has been passed by both houses and the King. The bill might go back and forth between the Houses until a middle ground is found.
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