The U.K.’s Economic Crime and Corporate Transparency Bill Enters Final Stages
The U.K.’s Economic Crime and Corporate Transparency Bill, aimed at combating criminal abuse of cryptocurrency, has made progress in Parliament. Here are the key points:
– Amendments made: The House of Lords passed the bill without changes to the crypto aspects, but added measures to cover terrorism cases and help authorities seize property linked to crypto crime. Courts can also ask authorities to freeze and seize crypto used for crime.
– Government’s focus on crypto crime: The bill aligns with the government’s three-year economic crime agenda, which includes combating the laundering of criminal proceeds through cryptocurrencies. The government has introduced crypto tactical advisers to assist police in identifying and seizing digital assets.
– National Crime Agency’s support: Graeme Biggar, director general of the National Crime Agency, welcomed the bill, stating that it will help crack down on domestic and international criminals who have been using U.K. company structures and cryptocurrencies for money laundering.
– Final stages and approval: The bill now returns to the House of Commons for the final stages before it becomes law. It may go back and forth between the two chambers until an agreement is reached.
– The king’s signature: Once both houses agree on the document, the king will need to sign it into law.
Hot Take:
The U.K.’s Economic Crime and Corporate Transparency Bill is making significant progress in Parliament, signaling the government’s commitment to combating crypto crime. With amendments to cover terrorism cases and additional measures to seize and freeze crypto used for crime, this bill has the potential to enhance law enforcement’s ability to address the misuse of cryptocurrencies. By introducing crypto tactical advisers and focusing on cracking down on money laundering, the U.K. is taking proactive measures to protect its financial system from criminal abuse.
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