The UK Parliament has made a significant move in combating illicit activities associated with cryptocurrencies. On October 26, the Economic Crime and Corporate Transparency Act received formal approval after being passed on October 25. This new bill grants law enforcement authorities the power to seize digital assets connected to cybercrimes such as investment scams, hacks, terrorism financing, money laundering, and drug trafficking.
Previously, law enforcement in the UK had to wait for a successful prosecution before seizing digital assets. However, the Economic Crime and Corporate Transparency Act offers a quicker solution by allowing local enforcement units to take immediate action in recovering cryptocurrencies without the need for a conviction. Notably, the bill also aims to combat the use of cryptocurrencies in funding terrorism, which is especially pertinent in light of the ongoing conflict between Israel and Hamas in Palestine.
While the UK government has been supportive of the cryptocurrency industry, it has also implemented stringent measures to address crypto crimes. The passage of this bill showcases the commitment of the UK Parliament to curbing illicit activities associated with digital assets.
