Jul 06, 2023 05:05
A new bill
that seeks to empower agencies in the United Kingdom to seize and freeze
cryptocurrency in money laundering cases has received the approval of the Parliament’s
upper chamber. The Economic Crime and Corporate Transparency Bill, which was first introduced in September last year, entered
one of the final stages towards becoming law today (Tuesday) after it was
passed by the House of Lords.
Crypto Crime Bill Gets the Lords' Blessing
Progress
with the bill comes days after King Charles III, the UK’s constitutional
monarch, signed into law the Financial Services and
Markets Act 2023. The Act includes provisions to regulate cryptocurrencies and
stablecoins. It also includes provisions to monitor crypto promotions, which
the Financial Conduct Authority plans to start enforcing by October 8, 2023.
Meanwhile,
the passage of the new bill by the UK’s upper chamber means that there are only a few more steps for it to become law: a successful review by the lower chamber, the
House of Commons, agreement on subsequent changes by both chambers and
approval by King Charles III.
Over the
past months, UK lawmakers introduced several provisions to the bill. In
November, they added provisions to enable public authorities to seize digital
assets linked to terrorist activity and to take
control of properties
that can help identify cryptocurrencies linked to a crime.
“The
Economic Crime and Corporate Transparency Bill will strengthen the UK’s
reputation as a place where legitimate businesses can thrive while driving
dirty money out of the UK,” the government noted in a statement released in September. “Through
the reforms, anyone who registers a company in the UK will need to verify their
identity, tackling the use of companies as a front for crime or foreign
kleptocrats.”
Graeme Biggar,
the Director General of the National Crime Agency, also noted that reforms the bill will bring will help the agency crackdown on
domestic and international criminals who have for years “laundered the proceeds
of their crime and corruption by abusing UK company structures, and are
increasingly using cryptocurrencies.”
Earlier,
the UK government
also introduced an 'economic
crime levy' to fund
its fight against financial crime and boost anti-money laundering activities. Forex and contracts for difference brokers, cryptocurrency exchanges and digital asset wallet providers, are among
the list of companies required to pay the levy, Finance Magnates reported.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
World Crypto Global
