UK Law Enforcement Can Seize Crypto More Easily With New Powers 'Economic Crime and Corporate Transparency Act' Takes EffectThe UK Parliament's new legislation, the 'Economic Crime and Corporate Transparency Act,' is now in action, empowering law enforcement agencies to
seize crypto with greater ease. This move aims to combat the exploitation of decentralized currencies by organized criminals.
Preventing Anonymity for CriminalsWith these enhanced powers, UK law enforcement can now freeze assets even before making arrests. The UK Home Office states that this will help target assets acquired through criminal means, even if criminals try to hide behind anonymity or operate from overseas.
Crypto Crackdown Success StoriesThe police have already made significant progress in this area, with the deployment of
crypto tactical advisors nationwide and the seizure of hundreds of millions of pounds in cryptocurrency. In collaboration with US authorities, they recently cracked down on a drug ring, confiscating $150 million in cash and digital currency.
Keeping Pace with Evolving CrimeAdrian Foster, Chief Crown Prosecutor, emphasizes the importance of adapting to the changing nature of crime. These new measures will provide investigators and prosecutors with the tools they need to restrain, freeze, or eliminate crypto assets linked to illegal activities.
Managing Seized Funds ResponsiblyIn addition to seizing funds, UK law enforcement agencies now have the authority to manage them. Assets can be transferred into a wallet controlled by authorities, who will then decide whether to destroy them or reintroduce them into circulation based on what serves the "public good."
Privacy Coins in the CrosshairsPrivacy coins, designed to enhance anonymity and reduce traceability, are specifically mentioned as potential targets for destruction. Home Secretary James highlights the threat to national security posed by these coins, which can be exploited by terrorist organizations like Daesh.
