UK introduced “Seize, Freeze and Recover” Crypto Bill

The UK government introduced the “Seize, Freeze, and Recover” Crypto Assets Bill into Parliament.

This new bill gives law enforcement agencies more power to seize, freeze and recover crypto assets.

The bill specifically targets those engaged in criminal activities such as money laundering, drugs and cybercrime, along with crypto, which acts as a key enabler.

The bill is called the bill on economic crime and corporate transparency.

This bill will help the concerned authorities to target cryptocurrencies, which have been used for illegal purposes.

The Financial Crimes and Corporate Transparency Bill introduced in Parliament is part of an effort to squeeze “dirty money” out of the economy.

This bill includes a provision to cut “red tape around non-disclosure” and also allow law enforcement authorities “to compel businesses to hand over information that may be related to money laundering or terrorist financing,” and that also includes crypto.

Increased use of crypto to facilitate illegal activities

The bill also requires those registering a company in the UK to confirm their identity, among other changes.

Among the other changes is that the companies will have greater potential to carry out better supervision of company formation. This also includes the ability to cross-check data with public and private partners.

It also includes reporting suspicious activity to security agencies and law enforcement.

The British Government mentioned

The new law will make it easier and faster for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto-assets – the digital currency increasingly used by organized criminals to launder profits from fraud, drugs and cybercrime. Strengthening powers in the Proceeds of Crime Act will modernize the legislation to ensure agencies can keep pace with rapid technological change and prevent assets from funding further crime.

Graeme Biggar, quoted by the Director General of the UK’s National Crime Agency,

“Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK corporate structures and are increasingly using cryptocurrencies. These reforms – long overdue and very welcome – will help us crack down on both.

The bill has been set aside for further consideration

Drafting the Financial Crimes Transparency and Enforcement Act has helped regulators impose sanctions on Russia and also freeze assets in the country. This bill is set for a second hearing on 13 October, which is now scheduled.

According to the government, the Metropolitan Police claimed there had been an increase in cryptocurrency seizures in 2021.

The number of users within the crypto space has grown.

Reportedly, in the month of July 2021, the police alone seized 114 million and 180 million pounds, which amounted to approximately $331 million worth of crypto, which has been linked to international money laundering.