UK Authorities Empowered to Confiscate Bitcoins Under New Law
Date: 2024-03-05 Author: Dima Zakharov Categories: IN WORLD
Empowering Law Enforcement
The United Kingdom government has recently passed additional legislative measures aimed at enhancing the capability to confiscate cryptocurrency assets, notably bitcoins, which could be associated with criminal activities. This decision is rooted in last year's Economic Crime and Corporate Transparency Act, granting the government the authority to freeze and seize cryptocurrency assets suspected of involvement in crimes such as money laundering and illegal drug trafficking.
Expanded Enforcement
The new law, slated to come into effect on April 26, grants UK law enforcement the power to freeze digital assets for up to 90 days without a court order in cases of suspected criminal involvement. The aim is to deter illicit financing and evasion of accountability by moving or concealing assets.
Streamlined Procedures
This new rule builds upon the Economic Crime and Corporate Transparency Act of 2023, expanding the capabilities of law enforcement agencies to confiscate and freeze cryptocurrency assets linked to criminal offenses, including money laundering, drug trafficking, and terrorism.
Impact and Enforcement
This legislation aims to expedite procedures for seizing cryptocurrency assets. Recently, the London police seized bitcoins worth over £1.4 billion following an investigation into investment fraud in China.
