The U.K.’s Economic Crime and Corporate Transparency Bill has been passed by Parliament’s upper chamber, the House of Lords, on Tuesday. This bill will help law-enforcement agencies seize and freeze crypto used for crime. The Lords did not make changes to the crypto aspects of the bill, but did amend it to extend the measures to terrorism cases and to help authorities seize property that can identify crypto linked to crime. An amendment was also added to allow courts to ask authorities to seize and freeze crypto used for crime.
In March, the U.K. government announced that combating criminal abuse of crypto was a part of its three-year economic crime agenda. The country has also introduced crypto tactical advisers to police departments nationwide to help identify and seize digital assets tied to crime.
Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing U.K. company structures, and are increasingly using cryptocurrencies, said Graeme Biggar, director general of the National Crime Agency. These reforms – long awaited and much welcomed – will help us crack down on both.
The bill now returns to the House of Commons for the final stages before it is put into law. Once both houses agree on the document, the King will need to sign it into law. The bill can be sent back and forth between the chambers of Parliament until an agreement is reached.