A new bill giving law enforcement agencies increased powers to seize, freeze and recover crypto assets has been introduced to Parliament.
The Economic Crime and Corporate Transparency bill targets those engaged in criminal activities such as money laundering, drugs and cybercrime, with crypto a key focus as an enabler.
The Home Office, Department for Business, Energy & Industrial Strategy, Serious Fraud Office, HM Treasury, Ministry of Justice and Companies House contributed to the 250-page document which saw its first reading in the House of Commons on Thursday.
Building on the Economic Crime (Transparency and Enforcement) Act, which helped regulators place sanctions against Russia and freeze assets in the country, the bill is set for a second reading on October 13th.
“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,” Graeme Biggar, director general of the National Crime Agency, said in the statement.
“These reforms – long awaited and much welcomed – will help us crack down on both.”