UK government introduces new bill to seize, freeze and recover crypto
The new bill aims to throw out dirty money out of the country
The United Kingdom's government has introduced legislation to combat money laundering and fraud, specifically by expanding the authorities' ability to target crypto assets used for illegal purposes. The 250-page Economic Crime and Corporate Transparency Bill, first promised in May, was introduced by the Home Office, Department for Business, Energy and Industrial Strategy, Serious Fraud Office, and Treasury, and it includes provisions for more than just crypto.
Business Secretary Jacob Rees-Mogg called the bill 'historic.' In a public statement, he further added, "This historic Bill will equip Companies House and law enforcement with the tools they need to root out criminals attempting to hide their activities without burdening law-abiding companies with unnecessary bureaucracy. Above all, via strict enforcement measures, we are telling investors that the UK is open for legitimate business only."
In a public statement, the UK government said, "The new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets — the digital currency increasingly used by organised criminals to launder profits from fraud, drugs and cybercrime…Strengthening powers in the Proceeds of Crime Act will modernise the legislation to ensure agencies can keep pace with the rapid technological change and prevent assets from funding further criminality."