A new bill that seeks to empower agencies in the United Kingdom to seize and freeze cryptocurrency in money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term cases has received the approval of the Parliament’s upper chamber. The Economic Crime and Corporate Transparency Bill, which was first introduced in September last year, entered one of the final stages towards becoming law today (Tuesday) after it was passed by the House of Lords.

Crypto Crime Bill Gets the Lords' Blessing

Progress with the bill comes days after King Charles III, the UK’s constitutional monarch, signed into law the Financial Services and Markets Act 2023. The Act includes provisions to regulate cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and stablecoins. It also includes provisions to monitor crypto promotions, which the Financial Conduct Authority plans to start enforcing by October 8, 2023.

Meanwhile, the passage of the new bill by the UK’s upper chamber means that there are only a few more steps for it to become law: a successful review by the lower chamber; the House of Commons, agreement on subsequent changes by both chambers; and approval by King Charles III.

Over the past few months, UK lawmakers introduced several provisions to the bill. In November, they added provisions to enable public authorities to seize digital assets linked to terrorist activity and to take control of properties that can help identify cryptocurrencies linked to a crime.

“The Economic Crime and Corporate Transparency Bill will strengthen the UK’s reputation as a place where legitimate businesses can thrive while driving dirty money out of the UK,” the government noted in a statement released in September. “Through the reforms, anyone who registers a company in the UK will need to verify their identity, tackling the use of companies as a front for crime or foreign kleptocrats.”

Graeme Biggar, the Director General of the National Crime Agency, noted that reforms of the bill will bring will help the agency crackdown on domestic and international criminals who have for years “laundered the proceeds of their crime and corruption by abusing UK company structures, and are increasingly using cryptocurrencies.”

Earlier, the UK government introduced an 'economic crime levy' to fund its fight against financial crime and boost anti-money laundering activities. Forex and contracts for difference brokers, cryptocurrency exchanges and digital asset wallet providers, are among the list of companies required to pay the levy, Finance Magnates reported.

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