LONDON—U.K. lawmakers have green-lighted the Economic Crime and Corporate Transparency Bill, a new piece of legislation aimed at tackling a wide range of criminal activities, including drug trafficking, cybercrime, and terrorism, according to a new report.
The bill, which has been under discussion since its September introduction last year and saw several amendments, is also set to strengthen law enforcement's ability to seize and freeze illicit cryptocurrency assets, Decrypt reported.
“The legislators expect that by expanding the arsenal of tools available to local law enforcement agencies, the U.K. will see faster and more substantial seizures of crypto connected to criminal activities,” Decrypt said in its analysis.
The report went on to note that such a measure is the expansion of law enforcement's powers to seize digital assets without requiring a prior conviction, which will allow authorities to act swiftly in cases where there is strong evidence linking cryptocurrency to criminal activities.
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