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UK Lawmakers Roll Out Legislation to Seize Cryptocurrencies Used for Illegal Purposes
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The UK Parliament has passed a bill that allows law enforcement authorities to seize cryptocurrencies associated with illicit activities.
This includes investment scams, hacks, terrorism financing, money laundering, and drug trafficking.
Per an official announcement on its website, the new bill, dubbed the ‘Economic Crime and Corporate Transparency Act,’ will expand the authority of local law enforcement to clamp down and recover digital assets linked to cybercrimes.
Today the Economic Crime Act became law.
This is landmark legislation that should significantly strengthen Britain’s defences against fraud and money laundering, clamping down on those who abuse our economy for their own private gain.
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