News

UK Bill To Help Seize Crypto Used For Crime Passed By House of Lords

Key Points:

  • The UK Parliament has approved a law to confiscate and freeze crypto in money laundering cases.
  • The bill includes measures against terrorism and assistance to police in seizing crypto assets.
  • The law is in the final stages of approval and is part of the UK government’s efforts to combat illicit cryptocurrency usage.
The upper chamber of Parliament has approved a new law that aims to allow authorities in the UK to confiscate and freeze crypto in money laundering cases.
UK Bill To Help Seize Crypto Used For Crime Passed By House of Lords 4

The House of Lords approved the Economic Crime and Corporate Transparency Bill, which was initially proposed in September of last year, today, putting it one step closer to becoming law.

Although the House of Lords did not update the bill’s crypto provisions, it was revised during earlier proceedings to ensure that the measures applied to terrorist cases and measures to assist police in seizing property that may help identify crypto related to crime were introduced. In addition, an amendment was made to guarantee that courts might request that authorities confiscate and freeze cryptocurrency used in criminal activity.

UK Bill To Help Seize Crypto Used For Crime Passed By House of Lords 5

The bill’s progress comes only days after King Charles III, the UK’s constitutional monarch, signed the Financial Services and Markets Bill 2023 into law. The Act contains rules for the regulation of cryptocurrencies and stablecoins. It also contains procedures for monitoring cryptocurrency marketing, which the Financial Conduct Authority intends to implement by October 8, 2023.

However, the new bill’s adoption by the UK’s upper house means it only needs a few more stages to become law: a successful review by the lower chamber, the House of Commons, agreement on further revisions by both chambers and approval by King Charles III.

UK Bill To Help Seize Crypto Used For Crime Passed By House of Lords 6

Many amendments to the bill have been proposed by UK politicians in recent months. They introduced measures in November to allow public authorities to confiscate digital assets related to terrorist activities and to seize properties that may aid in the identification of cryptocurrencies linked to a crime.

The government said in March that combatting illicit usage of cryptocurrency as part of its three-year economic crime program. The government has sent crypto tactical consultants to police departments around the country to assist in the identification and seizure of digital assets linked to the crime.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

53 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.