Bill introduced in September moves closer to becoming law in Parliament
The Economic Crime and Corporate Transparency Bill in the UK, designed to assist law enforcement in seizing and freezing cryptocurrency used in criminal activities, moved one step closer to becoming a law. The bill was passed by the upper chamber of Parliament on Tuesday, bringing it closer to entering the statute book.
During the bill’s progression through the House of Lords, no changes were made to the crypto-related provisions. However, amendments were introduced to ensure that the measures also apply to cases involving terrorism.
Additionally, measures were added to assist authorities in seizing assets that can help identify cryptocurrency associated with criminal activities.
Furthermore, an amendment was included to empower courts to request the seizure and freezing of cryptocurrency used in unlawful acts.
As part of its three-year economic crime agenda, the UK government emphasized its commitment to combating criminal misuse of cryptocurrency in March. To support this effort, the country has introduced crypto tactical advisers to police departments across the nation.
These advisers play a crucial role in identifying and seizing digital assets associated with criminal activities, aiding law enforcement in their efforts to tackle crypto-related crimes.
Graeme Biggar, the director general of the National Crime Agency, stated in September, when the bill was introduced, that domestic and international criminals have been exploiting UK company structures for years to launder their ill-gotten gains.
He further highlighted that these criminals are now turning to cryptocurrencies for their illicit activities. With the introduction of the bill, long-awaited and highly appreciated reforms will enable the authorities to take stronger action against such criminal activities, aiming to crack down on both money laundering and crypto-related crimes.
The approval of the bill by the Lords signifies that it will now go back to the House of Commons for the final stages before it becomes law. Once both houses reach an agreement on the content of the bill, it will then require the king’s signature to be officially enacted as law.
It is important to note that the bill can undergo further discussion and amendments between the chambers of Parliament until a consensus is achieved.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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