UK Government Introduces Bill to Empower Authorities to 'Seize, Freeze and Recover' Crypto

King Charles announced the Bill in May to both Houses of Parliament, saying it was aimed at tackling illicit finance , reduce economic crime and help businesses grow.

The UK government has introduced legislation to tackle money laundering and fraud, including expanding the ability of authorities to target cryptocurrencies used for illicit purposes.

In an announcement on Thursday, the UK government said lawmakers had introduced the Economic Crime and Corporate Transparency Bill to parliament as part of efforts to drive "dirty money" out of the country. The bill contained provisions aimed at reducing the “bureaucracy associated with privacy liability” and granting law enforcement the power “to compel companies to hand over information that could be linked to money laundering. money or the financing of terrorism", including cryptography.

“The new law will make it easier and faster for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto-assets – the digital currency increasingly used by organized criminals to launder profits from fraud, drugs and cybercrime," the government said. "Strengthening the Proceeds of Crime Act powers will modernize legislation to ensure agencies can keep pace with rapid technological change and prevent assets from further funding crime."

Graeme Biggar, Chief Executive of the UK National Crime Agency, said:

“Domestic and international criminals have been laundering the proceeds of their crime and corruption for years by abusing UK corporate structures and increasingly using cryptocurrencies. These long-awaited and much-welcomed reforms , will help us fight both.”

The bill, first announced by King Charles - who at the time was still a prince - in May during the Queen's speech to both Houses of British Parliament, was to "tackle the funding crime, reduce economic crime and help businesses grow". “The country’s Ministry of Economy and Finance is also working to integrate...