UK Bill Passes Law That Enables Seizure and Freezing of Criminal Crypto Assets

UK lawmakers have passed the Economic Crime and Corporate Transparency Bill, aiming to enhance law enforcement agencies’ abilities to seize and freeze cryptocurrency linked to criminal activities.

The bill covers a wide range of illegal activities, including drug trafficking and cybercrime, and is expected to receive royal approval shortly.

The new legislation provides local law enforcement with expanded powers to confiscate cryptocurrency associated with criminal behavior, all without the need for a prior conviction.

This change is considered crucial for addressing time-sensitive cases where swift action is required.

Introduced in September and subjected to several amendments, the bill now extends its reach to encompass terrorism-related offenses.

Additionally, it contains provisions that empower authorities to seize other assets that can help trace cryptocurrency tied to criminal actions.