UK lawmakers green-lit the Economic Crime and Corporate Transparency Bill today, a new piece of legislation aimed at tackling a wide range of criminal activities, including drug trafficking, cybercrime, and terrorism.

The bill, which has been under discussion since its September introduction last year and saw several amendments, is also set to strengthen law enforcement’s ability to seize and freeze illicit cryptocurrency assets.

The legislators expect that by expanding the arsenal of tools available to local law enforcement agencies, the UK will see faster and more substantial seizures of crypto connected to criminal activities.

One such measure is the expansion of law enforcement’s powers to seize digital assets without requiring a prior conviction, which will allow authorities to act swiftly in cases where there is strong evidence linking cryptocurrency to criminal activities.

As of now, cryptocurrency assets linked to illegal activities can be subject to freezing but cannot be confiscated in criminal cases unless an individual has been arrested and convicted.

“The Economic Crime and Corporate Transparency Bi

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Author: Andrew Asmakov

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