The government of the United Kingdom has introduced a bill aimed at cracking down on money laundering and fraud, specifically by expanding the authorities’ ability to target cryptocurrencies used for illicit purposes.In a Thursday announcement, the U.K.
government said lawmakers had introduced the Economic Crime and Corporate Transparency Bill in Parliament as part of efforts to drive “dirty money” out of the country.
The bill contained provisions forcutting down on the “red tape around confidentiality liability” and granting law enforcement the authority “to compel businesses to hand over information which could be related to money laundering or terrorist financing,” including crypto.“The new law will make it easier and quicker for law enforcement agencies such as the National Crime Agency to seize, freeze and recover cryptoassets — the digital currency increasingly used by organised criminals to launder profits from fraud, drugs and cybercrime,” said the government. “Strengthening powers in the Proceeds of Crime Act will modernise the legislation to ensure agencies can keep pace with the rapid technological change and prevent assets from funding further criminality.”Graeme Biggar, director general of the U.K.’s National Crime Agency, said: The bill, first announced by King Charles — who at the time was still Prince — in May during the Queen’s Speech to both houses of the U.K.
Parliament, was said to “tackle illicit finance, reduce economic crime and help businesses grow.” The country’s Economic and Finance Ministry has also been working toward incorporating stablecoins as a means of payment into its regulatory framework.Read more on cointelegraph.com