The United Kingdom is set to grant its law enforcement agencies increased authority to seize cryptocurrency assets linked to criminal activities, including terrorism, starting April 26. This development comes as secondary legislation supporting the Economic Crime and Corporate Transparency Act 2023 received approval earlier this week.
Strengthening the Fight Against Economic Crimes
The Economic Crime and Corporate Transparency Act 2023, a significant legal milestone, has expanded the capabilities of law enforcement bodies, enabling them to effectively seize and freeze cryptocurrencies utilized in criminal endeavors. This act represents a critical step in the UK’s efforts to combat economic crimes and enhance corporate transparency.
Key Provisions and Their Impact
Among the key provisions set to be enacted are the civil recovery regime for cryptocurrencies and the introduction of crypto asset confiscation orders. These orders empower authorities to seize “crypto-related items,” defined as property containing or providing access to information that could aid in the seizure of any crypto asset. This broad definition underscores the UK’s commitment to leveraging all available resources to disrupt criminal use of digital currencies.
