In the United Kingdom, lawmakers have passed a new bill that allows law enforcement to take and freeze cryptocurrencies that are involved in criminal activities, like drug trafficking and cybercrime.
The Economic Crime and Corporate Transparency ACT 2023 has received the Royal Assent and is now, anticipated to become law shortly.
This legislation expands the authority of local police to address crypto-related crime, particularly in urgent cases.. The bill also encompasses offenses related to terrorism.
The bill, originally introduced last September, has been revised to encompass terrorism-related crimes and includes provisions to assist authorities in seizing assets that can aid in tracing cryptocurrencies linked to criminal activity.
Despite the UK’s efforts to promote the crypto industry, it is intensifying its efforts against crypto-related crimes, having already confiscated substantial amounts of cryptocurrency associated with unlawful activities.
Law enforcement has already seized significant quantities of cryptocurrency tied to criminal operations and has deployed crypto specialists within police departments to support investigations.