The U.K. government introduced a bill into Parliament on Thursday
aimed at making it easier for authorities to “seize, freeze and
recover” cryptocurrencies as part of an effort to crack down on
money laundering activities.
- the White Collar Crime and Business Transparency Bill
- The bill includes provisions to give law enforcement agencies the power to “compel companies to provide information that may be related to money laundering or terrorist financing,” including cryptocurrencies.
- “The new law will make it easier and faster for law enforcement agencies like the National Crime Agency to seize, freeze and recover crypto assets – the digital currency increasingly used by organized criminals to launder the proceeds of fraud, drug sales and cybercrime. ” said the government. “Strengthening powers in the Proceeds of Crime Act will modernize legislation to ensure authorities can keep pace with rapid technological change and prevent assets from funding more crime.”
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