The Economic Crime and Corporate Transparency Bill was introduced in the United Kingdom’s parliament yesterday to extend police powers over cryptocurrencies in order to counteract cyber crime, money laundering, and “foreign kleptocrats.”
While not specifically targeting crypto, the bill would make it “easier and quicker” for law enforcement agencies like the National Crime Agency to “seize, freeze and recover cryptoassets” through a strengthened and modernized “Proceeds of Crime Act,” an act passed in 2002 to counter money laundering.
Director General of the National Crime Agency Graeme Biggar said in a statement: “Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK company structures, and are increasingly using cryptocurrencies. These reforms—long awaited and much welcomed—will help us crack down on both.”
The Economic Crime and Corporate Transparency Bill introduced in Parliament today by @UKHomeOffice and...
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