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UK PM empowers authorities to seize crypto ‘quicker and easier’ (report)

Boris Johnson – Prime Minister of the UK and leader of the Conservative Party – will reportedly introduce a new white-collar crime bill. It will aim to reduce the use of funds for illegal activities, increase the impact of sanctions against Russia and empower law enforcement agencies to seize digital assets.

  • The UK is known for its strict approach to the cryptocurrency industry. In recent months, authorities have been at the forefront of the sector, monitoring whether digital assets were involved in illicit operations and confiscating such tokens from malefactors.
  • Reuters reported that British political leader Boris Johnson will redouble those efforts by introducing new white-collar crime legislation.
  • The bill will allow law enforcement agencies to cryptocurrencies “quicker and easier” to seize and recover if used for criminal activities.
  • Prince Charles – the eldest son of Queen Elizabeth and heir to the throne – also spoke on this subject:

“A bill is being introduced to further strengthen powers to fight illicit financing, reduce white-collar crime and support business growth.”

  • The bill will also focus on “pushing dirty money out of Britain” to ensure that people in Vladimir Putin’s inner circle do not benefit from the British economy.
  • In March, the UK government passed economic crimes legislation and imposed financial sanctions on hundreds of Russian individuals and organizations over their possible links to the Russian president and his “special military operation” in Ukraine.
  • It’s worth noting that the UK’s biggest critic of the digital asset sector is the country’s central bank and its top executives. Not long ago, the Bank of England’s Prudential Regulation Authority (PRA) announced its intention to raise $420 million to further investigate cryptocurrencies and their uses on local soil.
  • In addition, the organization plans to hire 100 employees to support the effort. The PRA will also “require firms to report their crypto asset exposures, treatments and future investment plans.”

Featured image courtesy of Japan Times

Source: Crypto News Deutsch

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