by the British government Economic Crime and Institutional Transparency the bill will build on an earlier law that helped legislators impose sanctions on Russia, and cryptocurrencies will also cover.
UK Passes Cryptocurrency Seizure, Freeze and Recovery Act
The UK government announced on Thursday that it has introduced a bill to make it easier for law enforcement to seize, freeze and recover cryptocurrencies when used in criminal activities such as money laundering, drugs and cybercrime.
First promised in May, the 250-page Economic Crime and Corporate Transparency bill was introduced by the Ministry of the Interior, the Ministry of Trade, Energy and Industrial Strategy, the Financial Fraud Office and the Treasury, and covers more than just crypto.
The second debate on the bill, which was first discussed in the House of Commons today, is scheduled for 13 October.
London Police reported British pounds sterling 180 million ($200 million) linked to international money laundering in July last year, after a £114m hijacking in June. bitcoin and cryptocurrencies.
The new bill is planned to build on the earlier Economic Crime Act, which helped impose sanctions against Russia and freeze related assets in the country.
Legislators are concerned that some Russians are using cryptos to evade the sanctions imposed after the invasion of Ukraine.
Earlier this month, the Treasury updated the guidance, following the example of other countries, for crypto exchanges and wallet providers to report suspected sanctions violations.
The US and the European Union also announced that the sanctions rules also cover the crypto industry.
*Not investment advice.
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