The United Kingdom has introduced a new bill that will make it simpler for law enforcement companies to freeze and seize crypto property.

The bill, tagged the Economic Crime and Corporate Transparency, will strengthen the nation’s picture as a spot for reputable companies to thrive whereas driving out soiled cash.

U.Okay. targets crypto in new bill

According to the authorities, organized criminals more and more use cryptocurrencies to launder income from fraud, medicine, and cybercrime.

The director normal for the National Crime Agency, Graeme Biggar, mentioned:

“Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing U.K. company structures and are increasingly using cryptocurrencies. These reforms – long awaited and much welcomed – will help us crack down on both.”

Meanwhile, authorities within the nation are already tackling crypto-related crimes even with out the bill.

According to a BBC report, the Metropolitan Police seized £180 million ($200 million) value of crypto linked to worldwide cash laundering in July 2021 alone.

Several authorities companies, together with the Home Office, Department for Business, Energy & Industrial Strategy, Serious Fraud Office, H.M. Treasury, Ministry of Justice, and Companies House, Contributed to the 250-page doc.

The first studying of the bill occurred within the House of Commons on Thursday, with the second studying scheduled for Oct. 13.

While there’s a deal with cryptocurrencies within the bill, there’s far more to the proposed law. It is without doubt one of the most important upgrades to the present legal guidelines previously few years.

The bill would give Companies House probably the most powers it has had in 170 years because the group will now have extra management over the creation an organization.

 

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