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The United Kingdom has approved a law that allows for the seizure and confiscation of cryptocurrencies used in criminal activities.
The House of Lords in the UK has given its consent to the law that targets the portion of cryptocurrency involved in crime.
The law, which was introduced in September, is now in the final stage of the Parliament.
UK’s Crypto Law Gets Approval from House of Lords
The House of Lords in the United Kingdom has given its approval to a law that will aid in the seizure and freezing of cryptocurrencies used for criminal purposes. This law, which was brought to the table in September, is now in the final stage in the Parliament.
UK’s Economic Crime and Corporate Transparency Law
The Economic Crime and Corporate Transparency Law in the UK, which grants law enforcement the authority to seize and freeze cryptocurrencies used in crime, has been approved by the House of Lords. The law has been amended to provide measures that were previously used in terrorism cases and will aid authorities in seizing properties that can be linked to cryptocurrencies involved in crime. Additionally, a change has been made that allows courts to request authorities to seize and freeze cryptocurrencies used for crime.
Government’s Stance on Crypto Crime
In a statement made in March, the government had indicated that combating the criminal misuse of crypto was part of its three-year economic crime agenda. Graeme Biggar, the director general of the National Crime Agency, had stated during the introduction of the law in September:
“These long-awaited and warmly welcomed reforms will help us prevent domestic and international criminals from exploiting UK company structures to launder crime and corruption proceeds and increasingly use cryptocurrencies.”
