United Kingdom lawmakers have introduced a new bill that expands local law enforcement’s ability to seize and destroy crypto linked to criminal activity.
After the Crime and Policing Bill was read in the House of Commons, the bill is now going through its second reading and will soon reach the committee. The new legislation aims to give law enforcement more tools to confiscate illicit digital assets and return them to their victims.
The details
One change made by the bill is increasing the United Kingdom Crown Court’s powers in handling confiscation orders involving crypto. This is the kind of court allowed to pass major sentences and specializing in particularly serious crimes, such as murder, fraud, and robbery.
The new bill also sets rules for handling assets that are set to be destroyed, ensuring that their value is properly assessed based on the market prices at the time of the destruction. Furthermore, the draft also includes provisions that would allow for easier asset recovery processes by letting law enforcement recover stolen funds and redirect them to victims.
Overall, the bill seemingly aims to ensure that those involved in crypto crime do not get to keep their illegal proceeds. The draft expands the 2023 Economic Crime and Corporate Transparency Act (EECTA), which previously expanded the local authorities’ powers to seize and freeze cryptocurrencies.
In late April 2024, the United Kingdom introduced further measures to bolster law enforcement agencies’ powers to seize cryptocurrencies associated with criminal activities. Under the new regulations, police officers in the U.K. no longer need to arrest or confiscate crypto assets:
“Greater powers for the National Crime Agency and police to seize, freeze and destroy crypto assets used by criminals have come into force today.”
The news follows recent reports that cryptocurrency assets worth $890,000 have been seized from the wallets of people who have failed to pay local taxes in a South Korean province.
