UK Passes Bill to Seize Crypto from Illicit Activities

Crypto News
Crypto News

19 Sep 2023 11:33 AM

The United Kingdom’s House of Lords has pushed The Economic Crime and Corporate Transparency bill to its final stages of approval....

  • The United Kingdom's House of Lords is finalizing the approval of The Economic Crime and Corporate Transparency bill.
  • The bill aims to expand the powers of financial authorities to confiscate proceeds from financial crimes, including crypto-based heists.
  • The bill has gone through all five stages of approval in both the House of Commons and House of Lords.
  • Proposed amendments include the "failure to prevent fraud" clause, which holds relevant bodies accountable for offenses committed by their employees.
  • The bill also grants local authorities the power to freeze crypto assets linked to crimes.
  • Observers believe the bill will prevent bad actors from moving flagged assets away from the UK jurisdiction and contribute to the public fund.
  • The bill removes the requirement of an arrest warrant for confiscating flagged digital assets in criminal cases.
  • Civil forfeitures are included in the bill, allowing the seizure of crypto linked to illicit activities without a criminal conviction.

The overall sentiment of the article is positive, as the bill is seen as a step in the right direction to tackle crypto-related crime and prevent bad actors from evading justice.

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You May Ask

What is the purpose of The Economic Crime and Corporate Transparency bill?What are the proposed amendments in the bill?How will the bill empower financial authorities to tackle crypto-related crime?What powers will local authorities have regarding crypto assets linked to crimes?How will the bill contribute to the public fund and prevent bad actors from moving flagged assets?

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