UK government to pass bill on economic cryptocrime

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The UK government plans to expand the powers of the authorities to combat cryptocurrency crimes by simplifying the procedure for seizing and freezing used assets.

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UK lawmakers have introduced a bill in Parliament to address “privacy issues” and give law enforcement the power to “coerce businesses into transferring information that could be related to money laundering or terrorist financing using cryptoassets.”

When investigating economic crimes, law enforcement agencies will be relieved of the bureaucratic red tape associated with confidentiality obligations. UK businesses will be required to share intelligence with public authorities to better prevent and detect economic crime, Home Secretary Suella Braverman explains:

“With the help of the new law, we will empower law enforcement agencies with intelligence powers to stay one step ahead of criminals. The law will simplify and accelerate the fight against organized crime that uses digital currencies to launder proceeds from fraud, drugs and cybercrime.”

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In addition, law enforcement agencies will have the right to block, seize and seize crypto assets in cases of cryptocurrency fraud, money laundering or terrorist financing, without going through additional administrative formalities.
In 2021, British police confiscated £294 million worth of cryptocurrencies, or about $331 million. This is the most large
confiscation of this kind in the history of Great Britain and one of the largest in the world.

Source: Bits

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