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UK Passes Economic Crime and Corporate Transparency Bill to Combat Cryptocurrency-Related Crime

CryptoUK Passes Economic Crime and Corporate Transparency Bill to Combat Cryptocurrency-Related Crime

The UK has passed the Economic Crime and Corporate Transparency Bill, which allows law enforcement agencies to seize and freeze cryptocurrencies involved in criminal activities, even without a conviction. The bill covers offenses ranging from drug trafficking to cybercrime and includes anti-terrorism elements. This legislation expands the authority of local law enforcement to take action against cryptocurrencies linked to illegal activities, providing a crucial tool for addressing time-sensitive cases. Despite its efforts to become a global cryptocurrency hub and recognizing digital assets through legislation, the UK is committed to combatting cryptocurrency-related crime and scams. The Financial Conduct Authority (FCA) has enforced rules regarding crypto promotions, issuing warnings to non-compliant crypto firms and exchanges. By 2022, law enforcement agencies had seized more than $371 million in cryptocurrency related to illicit activities, but crypto scams have also seen a 40% increase in the amount lost, according to the UK’s fraud reporting agency. freeslots dinogame telegram营销

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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