U.K. government unveils bill to 'seize, freeze and recover' crypto

Sep. 22, 2022 6:07 PM ETBy: Max Gottlich, SA News Editor14 Comments

Bitcoin stack with Great Britain flag in the background

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  • The U.K. government has introduced a bill in Parliament 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 goal of the so-called Economic Crime and Corporate Transparency Bill, which was initially announced by King Charles in May, is to drive "dirty money" out of the country, the government said.
  • The bill would provide law enforcement agencies authority "to compel businesses to hand over information which could be related to money laundering or terrorist financing."
  • "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," said Graeme Biggar, director general of the National Crime Agency, in a statement.
  • The legislation built on the earlier Economic Crime (Transparency and Enforcement) Act that helped lawmakers impose sanctions against Russia following its war in Ukraine.
  • In mid-July, the U.K. Treasury Committee opened an inquiry into the use of cryptos.

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