This Thursday, the United Kingdom announced legislation aiming to make it simpler for law enforcement authorities to confiscate, freeze, and reclaim crypto assets used in illicit activities like money laundering, drug trafficking, and other cyber-crime.
The law, written in a 250-page Economic Crime and Corporate Transparency Bill, was submitted by the Home Office, Department for Business, Energy and Industrial Strategy, Serious Fraud Office, and Treasury – and it includes provisions for more than simply cryptocurrency.
The bill received its first reading in the House of Commons on Thursday, with the second reading set for October 13.
Graeme Biggar – the director general of the National Crime Agency stated that the criminals in the U.K. and around the world have increasingly expanded the use of cryptocurrency in order to perform their wrongdoings. “These reforms, long-awaited and much welcomed – will help us crack down on both,” Biggar said.
The law is intended to expand on the previous Economic Crime (Transparency and Enforcement) Act, which assisted authorities in imposing sanctions on Russia and freezing related assets in the nation.
Regulators now grow concerned that some Russian entities are using cryptocurrency to circumvent sanctions imposed after the invasion of Ukraine.
Among the security measures,
The U.K. Against Cyber Crimes
Even before the approval of the bill, the United Kingdom police department has proven some success in regards to fighting cyber crimes.
In February – The Manchester Police in reported that it successfully recovered US$5.4 million from victims of a US$20 million worldwide cryptocurrency fraud. The money was retrieved via a USB drive discovered by authorities in July 2021. Reports say that the USB had around US$9.5 million in Ethereum.
Later in July, the BBC reported that London’s Metropolitan Police seized a record 180 million British pounds (US$200 million) in cryptocurrency-related international money laundering.