King Charles announced the bill in could to each homes of the U.K. Parliament, saying it was aimed at attempt illicit finance, reducing economic crime and helping businesses grow.
The government of the uk has introduced a bill aimed at cracking down on concealment and fraud, specifically by increasing the authorities’ ability to target cryptocurrencies used for illicit purposes.
In a Thursday announcement, the U.K. government said lawmakers had introduced the Economic Crime and corporate Transparency Bill in Parliament as part of efforts to drive “dirty money” out of the country. The bill contained provisions forcutting down on the “red tape around confidentiality liability” and granting law enforcement the authority “to compel businesses handy over data that can be related to money laundering or terrorist financing,” including crypto.
“The new law can build it easier and faster for enforcement agencies like the National Crime Agency to seize, freeze and recover cryptoassets — the digital currency more and more employed by unionized criminals to launder profits from fraud, medicine and cybercrime,” said the government. “Strengthening powers within the take of Crime Act can modernise the legislation to ensure agencies will keep step with the fast technological modification and stop assets from funding additional guiltiness.”
Graeme Biggar, director general of the U.K.’s National Crime Agency, said:
“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, initial announced by King Charles — WHO at the time was still prince — in may throughout the Queen’s Speech to each homes of the U.K. Parliament, was aforesaid to “tackle illicit finance, reduce economic crime and facilitate businesses grow.” The country’s Economic and Finance Ministry has also been operating toward incorporating stable coins as a method of payment into its regulatory framework.
According to the U.K. government, expanding the authorities’ ability to seize, freeze and recover crypto built upon legislation creating it “quicker to impose robust sanctions” on people tied to Russian President Putin following the invasion of country. The bill came following a serious reorganization within the united kingdom with the passing of Queen Elizabeth and Prime Minister Liz Truss replacing Boris Johnson.
( Turner Wright, Cointelegraph, 2022 )