UK Govt Introduces Law to Seize, Freeze and Recover Crypto | Coin Bureau Insider

UK Govt Introduces Law to Seize, Freeze and Recover Crypto

As part of a broader crackdown on money laundering, the UK govt has introduced a new anti-money laundering bill that will make it easier for law enforcement agencies to seize, freeze and recover crypto assets when used for criminal activities. The bill is titled ‘Economic Crime and Corporate Transparency bill.’

Graeme Biggar, director general of the National Crime Agency, stated,

"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."

The bill has already had its first reading in the House of Commons on Thursday and is scheduled for a second reading on Oct. 13.

https://www.coindesk.com/policy/2022/09/22/uk-introduces-law-to-seize-freeze-and-recover-crypto/