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Legislators in the United Kingdom filed the Economic Crime and Corporate Transparency Bill in September of last year, and it is now expected to be granted royal assent this week.
The parliament in the country approved the proposed new law that will allow the authorities to take and freeze digital currencies such as Bitcoin (BTC) if they are being used illegally.
According to CoinTelegraph, it was indicated in the U.K.’s Economic Crime and Corporate Transparency Bill website that once the royal permission is received, the bill will complete all the parliamentary stages required in both houses of parliament.
Why the Bill Was Proposed
The main aim for filing and approving the new ruling is to stretch the law enforcers’ power to hunt and stop using cryptocurrencies in crimes such as scams, drug trafficking, and cybercrime. The legislation wants to use the bill to curb the use of digital assets for terrorism or other related purposes.
Moreover, one of the Economic Crime and Corporate Transparency Bill provisions allows the recapturing of crypto assets used in crimes and illegal activities without conviction. It was said that this latest development in the U.K. for matters involving crypto aligns with the government’s strategy to regulate crypto and prevent their illicit use actively.
Giving Law Enforcers More Utilities to Combat Crypto-Related Criminal Activities
The lawmakers believe that by providing local authorities with more tools and functions, the country can resolve crypto-related crimes much faster. This will also let the authorities recoup or confiscate big amounts of digital currencies, as per Decrypt.
“The Economic Crime and Corporate Transparency Bill will strengthen the U.K.’s reputation as a place where legitimate businesses can thrive while driving dirty money out of the U.K.,” the U.K. government stated when it first filed the ECCT bill last year. “Through the reforms, anyone who registers a company in the U.K. will need to verify their identity, tackling the use of companies as a front for crime or foreign kleptocrats.”
Photo by: Kanchanara/Unsplash
