Crypto News

The new UK Financial Crimes and Business Transparency Act allows authorities to “seize, freeze and recover” crypto.

UK lawmakers are proposing new legislation that could pave the way for tougher measures against crypto after the election of Prime Minister Liz Truss, who previously spoke about ridding the industry of overly strict regulations.
According to the UK information website, the Financial Crimes and Business Transparency Act primarily aims to drive dirty money out of the country and allow legitimate businesses amid government plans to turn the UK into a global hub for crypto investing , to thrive.

If approved, the law will allow law enforcement agencies to compel companies to submit information related to money laundering and terrorist financing. It will also empower authorities, including the National Crime Agency, to seize, freeze and recover crypto assets.

The bill calls for tighter controls on digital coins as criminal organizations increasingly use the new asset class to launder proceeds from illegal activities, including those involving drugs and cybercrime.

“The use of this digital currency has increased significantly in recent years, with the Metropolitan Police reporting a sharp increase in seizures of cryptocurrencies reported. Strengthening the powers in the Proceeds of Crime Act will modernize legislation to ensure authorities can keep pace with rapid technological change and prevent assets from funding further crime.”

Lawmakers are proposing the new measure following the election of Truss, whose previous statements suggest she is pro-crypto. In 2018, she shared her opinion on restrictive crypto regulations.

“We should welcome cryptocurrencies in a way that doesn’t limit their potential. Liberate areas of free enterprise by removing prosperity-reducing regulations.”

Featured Image: Shutterstock/Jevanto Productions

Source: Crypto News Deutsch

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