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The UK has already showcased its commitment to tackling crypto crime. In recent years, law enforcement agencies have seized more than £300 million in crypto linked to illegal activities. With the new bill’s provisions, this figure is expected to rise substantially.
Isabella Chase, senior policy adviser at TRM Labs, believes that the assets seized could be instrumental in funding initiatives to combat crime. She stated, “It would go either to the law enforcement agency that seized the assets or to fund economic crime work. And then half of it goes to the Home Office again solely to fight economic crime work which is really important.”
While the bill is a significant step forward, experts caution that as the UK tightens its grip on crypto crime, criminals might adapt by moving their assets to regions with laxer regulations.
In a significant move to curb illicit cryptocurrency activities, the UK House of Lords has advanced the Economic Crime and Corporate Transparency Bill to its final stages of approval. Introduced in September 2022, this legislation primarily focuses on addressing crypto-related financial crimes.
During the bill’s review phase, the House of Lords made several amendments to ensure the bill’s primary objective was clear: targeting the monetary proceeds from fraud or other financial crimes. Furthermore, the bill seeks to establish provisions for corporate transparency and the registration of overseas businesses.
Once the House of Commons reviews the bill, they will either accept the proposed amendments or suggest further changes. Upon receiving the final nod, the bill will be formally approved through royal assent, a traditional method where the monarch gives formal approval to a legislative act.
