The UK Parliament received the bill, which seeks to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the growing use of cryptocurrencies in criminal activities.
- New bill introduced in UK Parliament.
- It seeks to facilitate the seizure, blocking and recovery of cryptocurrencies.
- It is in line with a previous bill that helped impose sanctions against Russia.
The UK is cracking down on fraud, money laundering and criminal organisations that abuse the country’s open economy.
A group of U.K. government ministerial departments have introduced a bill to Parliament that seeks to tighten requirements and expand powers to crack down on financial crime, including cryptocurrency-related offenses. The government unveiled the bill on Thursday, as first reported by the media outlet CoinDesk .
The new legislative bill will seek to make it easier for law enforcement agencies to seize, freeze and recover cryptocurrencies when they are used for criminal activities such as money laundering, drug trafficking and cybercrime.
In a official statement the English government emphasized that the regulation seeks to addressing the growing use of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies in criminal activities . It also mentions the increase in seizures of such assets by the local authorities .
The new law will make it easier and faster for law enforcement agencies such as the National Crime Agency to seize, freeze and recover cryptoassets, the digital currency currency is a medium of exchange that defines value. increasingly used by organised criminals to launder the proceeds of fraud, drugs and cybercrime.
Bill puts focus on cryptocurrencies
Named “ Draft Economic Crimes and Corporate Transparency Bill “, the document covers a number of important reforms, which, while going beyond cryptocurrencies, pays special attention to that asset class.
“ Strengthened powers in the Proceeds of Crime Act will modernise legislation to ensure agencies can keep pace with rapid technological change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. and prevent assets from funding further crime “, reads the statement. E National Crime Agency chief executive Graeme Biggar also added about the initiative:
Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing the structures of UK companies and are increasingly using cryptocurrencies. These long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. overdue and very welcome reforms will help us crack down on both.
The project was presented by the Ministry of the Interior; el Business, Energy and Industrial Strategy Department ; the Serious Fraud Workshop; el Her Majesty’s Treasure; el Ministry of Justice and the Company House. According to CoinDesk The proposal had been advanced in May and, after its presentation this Thursday, is expected to have a second reading on October 13.
The initiative follows the UK’s more recent efforts to strengthen its monitoring the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. space . On the other hand, it also seems to be in line with the sanctions on Russia imposed in the wake of the invasion in Ukraine, and fears that the government of that country is taking advantage of digital currencies to evade sanctions.
According to the report, the bill is designed to build on the previous Economic Crimes (Transparency and Enforcement) Act that helped regulators impose sanctions against Russia and freeze relevant assets in the country.
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Article by Hannah Estefania Perez / DiarioBitcoin
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