UK government anti-money laundering and anti-fraud legislation aimed at cryptocurrency

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The British government introduced a bill into Parliament on Thursday aimed at making it easier for authorities to “seize, freeze and recover” cryptocurrencies as part of an effort to curb money laundering.

  • the White Collar Crime and Business Transparency Act
  • The bill includes provisions to give law enforcement agencies the power to “compel companies to provide information that may be related to money laundering or terrorist financing,” including cryptocurrencies.
  • “The new law will make it easier and faster for law enforcement agencies such as the National Crime Agency to seize, freeze and recover crypto assets – the digital currency increasingly used by organized criminals to launder the proceeds of fraud, drug sales and cybercrime,” the government said. “Strengthening of powers in the Proceeds of Crime Act will modernize legislation to ensure that authorities can keep up with rapid technological change and prevent assets from funding more crime.”

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