- The Economic Crimes and Corporate Transparency Bill in the UK parliament which has as one of its objectives to extend police powers over cryptocurrencies to prevent money laundering and fraud.
- 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.
On Thursday, September 22, he presented the Economic Crimes and Corporate Transparency Bill in the UK parliament, which has as one of its objectives to extend police powers over cryptocurrencies to prevent money laundering and fraud.
Lawmakers have introduced this bill as part of a series of efforts to rid the country of “dirty money.”
Cryptocurrencies are not exclusively used by criminals. However, it must be admitted that they are a means, as is cash, through which criminals can launder money or commit other illegal acts.
Proper regulation is essential to remove those obstacles that are an impediment for the cryptocurrency industry to continue evolving. In fact, various analysts agree that regulation is essential for the mass adoption of cryptocurrencies.
Reduce bureaucracy to reduce dirty money
The bill recently submitted to the UK parliament does not specifically target cryptocurrencies, although it does mention them.
It really seeks to reduce bureaucracy and give law enforcement the authority “pto force companies to hand over information that could be related to money laundering or terrorist financing,” where cryptocurrencies are included.
“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.” explained the government in a Press release.
Likewise, the statement refers to crypto assets as “la digital currency that is increasingly used by organized criminals to launder the proceeds of fraud, drugs, and cybercrime.”
The government claims that the use of cryptocurrencies has increased significantly in recent years, and in particular, the Metropolitan Police reported a significant increase in crypto seizures over the past year.
“Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK company structures and are increasingly using cryptocurrencies. These long-awaited and much-welcomed reforms will help us crack down on both.”assured the director general of the National Crime Agency, Graeme Biggar
Strengthening powers in the Proceeds of Crime Act will modernize legislation to ensure agencies can keep pace with rapid technological change and prevent assets from funding further crime, the statement said.
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