UK Bill Will Make It Easier to Seize Crypto in Money Laundering Cases
A proposed law in the U.K. will make it easier for law enforcement to seize, freeze and recover cryptocurrency used by criminals to launder profits from illegal activity.
The bill, introduced into the British Parliament on Thursday (Sept. 22), is designed to crack down on “kleptocrats, organized criminals and terrorists,” according to a news release on the U.K. government website.
According to the release, the use of digital currencies has increased substantially in the past few years, with the Metropolitan Police logging a significant rise in crypto seizures last year.
“Strengthening powers in the Proceeds of Crime Act will modernize the legislation to ensure agencies can keep pace with the rapid technological change and prevent assets from funding further criminality,” the release said.