UK Passes Bill to Seize Crypto from Illicit Activities
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.