United Kingdom Proposes Bill For Easy Crypto Seizures

United Kingdom Proposes Bill For Easy Crypto Seizures
  •  In June, the Met was able to confiscate a total of $158.0 million.
  • Particularly enthusiastic about crypto adoption was the previous British government.

To combat cybercrime, money laundering, and “foreign kleptocrats,” the Economic Crime and Corporate Transparency Bill was tabled in the United Kingdom’s parliament on Wednesday to strengthen police powers over cryptocurrencies.

While the bill doesn’t single out cryptocurrencies, in particular, it would make it “easier and quicker” for law enforcement agencies like the National Crime Agency to “seize, freeze, and recover cryptoassets” by updating and strengthening the “Proceeds of Crime Act,” a law passed in 2002 to combat money laundering.

Director General of the National Crime Agency Graeme Biggar said in a statement: 

“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.”

Global Crypto Hub

During the summer of 2021, the Economic Crime Command of Britain’s Metropolitan Police (Met) conducted two separate raids, seizing crypto valued at hundreds of millions of dollars. After conducting an extensive investigation into several instances of money laundering in June, the Met was able to confiscate a total of $158.0 million.

After further investigation, the Met made an even larger seizure of $250 million only three weeks later. The United Kingdom is generally supportive of cryptocurrency because of its potential as a game-changing innovation. Particularly enthusiastic was the previous British government, which in April declared its intention to become a “global crypto asset technology hub.” The crypto market has been trading in red for the last few days with major currencies haunted by the bears.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.