The United Kingdom (UK) government has introduced a new bill that allows law enforcement to freeze, recover and seize cryptographic assets when used for criminal activities such as money laundering, drugs and cybercrime.
According to the official statement, the “Law on economic crime and corporate transparency”, will authorize authorities to target criminals and illegal organizations that use cryptocurrency to finance illegal activities. The bill aims to stop criminals from funneling billions of dollars from criminal businesses into legitimate stakes.
The UK government strengthens the financial regulation
Graeme Biggargeneral manager of the National Crime Agency welcomed the bill, arguing that it would be ensure strict enforcement controls to ensure that cryptocurrencies cannot be used to launder money or finance terrorism. He expressed the rise in the adoption of cryptocurrencies, as well as the chorus of voices calling for more supervision and more penalties for offenders. Biggar continued to carry on,
“Domestic and international criminals have been laundering the proceeds of their crimes and corruption for years by abusing UK corporate structures and using more and more cryptocurrencies. These long-awaited and much-appreciated reforms will help us repress both of them. “
The bill is not just cryptocurrencies. Will support in strengthen government efforts to combat money laundering, terrorist financing and financial fraud. In addition, it also tries to verify the identity of an organization when registering in the UK.
On the other hand, the bill will ensure that small business owners, consumers and the public are better protected from the fraudulent use of their identities and addresses. The UK government website noted,
“The Economic Crime and Corporate Transparency Bill will strengthen the UK’s reputation as a place where legitimate businesses can thrive while taking dirty money out of the UK.”
The Rise in Britain Dating with Crypto
Over the past two years, Britain has tightened regulatory policies regarding cryptocurrencies. Recently, he added the UK’s Office of Financial Sanction Implementation (OFSI) “cryptographic assets” to the list of goods that they should be frozen if they belong to someone who risks sanctions. Under the rules, cryptocurrency exchanges in the UK are expected to report any violations of sanctions to the authorities.
Earlier this week, the UK’s Financial Conduct Authority posted a notice on its website regarding the Bahama-based cryptocurrency exchange FTX, supporting the exchange of “provide financial services or products in the UK” without authorization. In addition, the UK financial sector regulator has listed the company managed by Sam Bankman Fried as an “Unauthorized company”.