The Economic Crime and Corporate Transparency Act has been approved by the Parliament of the United Kingdom. It will expand authorities’ ability to freeze and confiscate crypto assets associated with money laundering and drug trafficking.
The authors of the document expect that expanding the arsenal of tools available to law enforcement agencies will increase the efficiency of the mechanism and speed up the procedure for seizing digital currencies associated with criminal activities.
One of these measures is the ability to carry out confiscation without an indictment when there is strong evidence that funds were used in illegal transactions.
The document contains provisions that allow authorities to seize other tools, for example, those that help track “criminal” crypto assets.
The bill remains to receive royal assent.