UK Lords approve bill aiding seizure and freezing of crypto used in crime.
The Economic Crime and Corporate Transparency Bill in the United Kingdom is one step closer to becoming law after being passed by the upper chamber of Parliament on Tuesday. This bill will assist law enforcement agencies in the seizure and freezing of cryptocurrencies used for criminal activities.
Although the House of Lords did not make any changes to the crypto-related provisions of the bill, earlier amendments were made to ensure that these measures also apply to terrorism cases. Additionally, measures were included to help authorities seize assets that can be used to identify cryptocurrencies connected to criminal activity. Furthermore, an amendment was added to enable courts to request the seizure and freezing of cryptocurrencies used for crime.
In March, the government announced that combating the illicit use of cryptocurrencies was a priority within its three-year economic crime agenda. The country has implemented the position of crypto tactical advisers within police departments nationwide to aid in the identification and confiscation of digital assets associated with criminal activity.
Graeme Biggar, the director general of the National Crime Agency, stated in September when the bill was introduced, “Domestic and international criminals have been using U.K. company structures to launder the proceeds of their crime and corruption for years, and they are increasingly utilizing cryptocurrencies. These long-awaited and highly anticipated reforms will assist us in cracking down on both.”
The bill will now return to the House of Commons for the final stages of approval before it becomes law. Once both houses reach an agreement on the content, it will need to be signed into law by the king. The bill may be sent back and forth between the chambers of Parliament until a consensus is reached.
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Edited by Sheldon Reback.