UK Seeks Enhanced Crypto Seizure Power

The British Parliament wants to widen the reach of authorities when it comes to cryptoasset seizures tied to criminal activity

article-image

Houses of Parliament in London | Source: Shutterstock

share

key takeaways

  • The wide-reaching Economic Crime and Corporate Transparency Bill seeks to amend parts of the UK’s Proceeds of Crimes Act
  • Included in the bill’s provisions is a section dedicated to crypto proceeds and sanctions evasion

The UK government has introduced a bill that, among other things, will grant authorities additional powers to seize and recover crypto tied to suspected criminals.

Its Economic Crime and Corporate Transparency Bill pushed through on Thursday seeks to amend several parts of the country’s Proceeds of Crime Act, while also bolstering anti-money laundering powers.

The legislation also represents the largest shakeup to the UK’s registrar of companies, the Companies House, with new powers to check, challenge or decline incorrect or fraudulent company information.

Designed to bolster laws aimed at curbing illicit proceeds, the government’s latest bill also targets sanctions evasion, for instance by Russia and Iran.

“Red tape around confidentiality liability will be eased to enable businesses to share information to more proactively prevent and detect economic crime including fraud and sanctions evasion,” the government said in a separate statement.

The 250-page bill, which has passed its first reading through Parliament, will now undergo a second reading in October before heading to the committee stage for assessment from experts and interested parties.

UK Crypto Regulations

The UK has made several steps to increase its oversight of digital assets and streamline regulation around the nascent asset class this year.

That included the introduction in July of a wide-ranging financial bill designed to phase out hundreds of pieces of EU-retained law and which seeks to regulate “certain types” of stablecoins as a form of payment. 

It would also grant the government new powers to direct regulators to review their financial rules under conditions deemed in the public interest.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million