The government of the U.K. has approved a bill enhancing law enforcement’s authority to confiscate cryptocurrency assets linked to criminal activities, including money laundering, fraud, and ransomware attacks.
According to the lawmakers’ <a href="https://bills.parliament.uk/bills/3339/news" rel="noopener noreferrer nofollow">website</a>, the bill officially became law after receiving Royal Assent on Oct. 26.
Entitled the “Economic Crime and Corporate Transparency Bill,” this legislation empowers government agencies, like the police, to confiscate cryptocurrency assets as part of an investigation without necessarily arresting an individual for a criminal offense.
The bill was <a href="https://cryptoslate.com/uks-new-bill-aims-to-help-law-enforcement-seize-freeze-crypto/" rel="noopener noreferrer nofollow">introduced</a> in September 2022 and has undergone several amendments and corrections to cover money laundering or terrorist financing.
A UK-based accounting company, Swindell Accounting, <a href="https://www.swindellsaccounting.co.uk/business/what-are-the-key-highlights-of-the-economic-crime-and-corporate-transparency-bill/" rel="noopener noreferrer nofollow">wrote</a> in a blog post:
<blockquote>
 “The bill will also strengthen anti-money laundering powers and help facilitate better information sharing about suspected offenses. In certain situations, businesses will be able to share information more easily for the purpose of preventing, investigating, or detecting economic crime. Civil liability will not apply to breaches of confidentiality for businesses supplying information about economic criminal offenses.”
</blockquote>
The approval of the bill will bolster the efforts of U.K. authorities in combatting crypto-related crimes. CryptoSlate reported that the Metropolitan Police had <a href="https://cryptoslate.com/250-million-worth-of-cryptocurrency-seized-in-uk/" rel="noopener noreferrer nofollow">seized</a> millions of crypto linked to crimes before its approval.
<h2 id="uk-s-recent-crypto-regulatory-efforts">UK’s recent crypto regulatory efforts</h2>
This bill is part of the UK government’s recent initiative to regulate the growing cryptocurrency industry. The Financial Conduct Authority (FCA) recently introduced new <a href="https://cryptoslate.com/htx-kucoin-among-exchanges-on-uks-fca-unauthorized-operators-list/" rel="noopener noreferrer nofollow">regulations</a> obligating companies to caution investors about the potential risks of losing their funds in crypto investment products.
On Oct. 25, the FCA expressed <a href="https://cryptoslate.com/uks-fca-says-crypto-firms-are-failing-to-satisfy-new-promotional-rules/" rel="noopener noreferrer nofollow">concern</a> that several crypto firms were not complying with these promotional requirements and warned of imminent <a href="https://cryptoslate.com/fca-restricts-binances-uk-partners-ability-to-approve-crypto-ads/" rel="noopener noreferrer nofollow">actions against violators</a>. The regulations empower the government to impose unlimited fines on companies and even jail time for executives of these companies.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/new-uk-law-grants-authorities-power-to-seize-crypto-without-arrest/">New UK law grants authorities power to seize crypto without arrest</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

New UK law grants authorities power to seize crypto without arrest

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