The UK is working on a bill that increases the crypto authority of law enforcement.
The anti-money laundering bill introduced today gives law enforcement broader powers regarding the crypto industry.
United Kingdom Introduces New Bill
Regarding the bill, Graeme Biggar, Director-General of the National Crime Agency, said:
“Domestic and international criminals have laundered the proceeds of crime and corruption for years by abusing UK structures and are increasingly using cryptocurrencies.
These long-awaited and welcomed reforms will help us crack down on both.”
After the new bill is read in the House of Commons, it is scheduled to be read again on October 13 for enactment.
The bill, which emerged in the United Kingdom, is part of a broader crackdown on illegally acquired funds and assets that came to the fore during the Russian invasion of Ukraine. The country had also begun to sanction and confiscate the assets of Chelsea owner Roman Abramovich to punish Russia.
The newly ascended King Charles III promised money laundering measures when presenting the Queen’s speech to Parliament on behalf of his recently deceased mother, Elizabeth II.
