U.K.’s New ‘Economic Crime and Corporate Transparency Bill’  – Coinpedia Fintech News

The Economic Crime and Corporate Transparency Bill, which will go into effect on Thursday, is anticipated to get the King’s permission and address a variety of illegal activities, including cybercrime and drug trafficking. The measure has provisions that give local law enforcement more authority and permit them to take cryptocurrency linked to illegal activity without requiring a conviction. Experts believe this would be useful in circumstances requiring quick decisions.

Additional adjustments made in the Bill

Since the bill’s introduction in September of last year, additional adjustments have been made to guarantee that the provisions also encompass terrorism. Additional rules were introduced to assist police in seizing other assets that may be used to identify cryptocurrency tied to criminal activity. 

These adjustments were crucial to ensure the bill effectively combats organized crime and terrorism financing. By broadening the scope of the provisions, law enforcement agencies now have the necessary tools to track and seize cryptocurrency assets linked to terrorist activities. 

This comprehensive approach demonstrates the government’s commitment to staying ahead of evolving criminal tactics in the digital age. Despite expressing a goal to become a global center for cryptocurrency and passing laws to give it legitimacy, the United Kingdom has been cracking down on fraud and crypto criminality. 

Efforts Till Date

Law enforcement authorities have apprehended cryptocurrency linked to illicit activities worth hundreds of millions of pounds and sent crypto tactical consultants to police stations nationwide to support their investigations.

As part of their efforts, the UK government has also established specialized task forces and departments dedicated to tackling cybercrime and cryptocurrency-related offenses. These initiatives demonstrate the country’s commitment to staying proactive despite evolving criminal tactics. By providing resources and expertise to law enforcement agencies, the United Kingdom aims to ensure the responsible use of cryptocurrencies while deterring illicit activities in the digital space.

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