UK Law Enforcement Can Seize Crypto More Easily With New Powers
New powers that will make it easier for UK law enforcement agencies to seize crypto come into effect on Friday.
This comes after the UK Parliament passed new legislation last year, dubbed the ‘Economic Crime and Corporate Transparency Act.’ This Act expanded the authority of local law enforcement and laid the foundations for crypto to be seized more quickly.
The bill is now taking effect with new powers being implemented on Friday, the UK Home Office said in a press release. UK Law enforcement will now be able to seize funds before making arrests.
“This will make it easier to take assets which are known to have been criminally obtained, even if sophisticated criminals are able to protect their anonymity or are based overseas.”
The police have deployed crypto tactical advisors nationwide and have already seized hundreds of millions of pounds in cryptocurrency.
In January, the National Crime Agency collaborated with the United States Drug Enforcement Administration to investigate a drug ring, seizing $150 million in cash and cryptocurrency.
The change has been crucial in combating the use of cryptocurrency in organized crime, exploiting decentralization to prevent intervention. Adrian Foster, the Chief Crown Prosecutor, said:
“It is vital that investigators and prosecutors have the capability and agility to keep pace with this changing nature of crime which these new measures will greatly assist our ability to restrain, freeze, or eliminate crypto assets from illegal enterprise”
These powers also give UK law enforcement agencies the power to manage seized funds. Assets can now be transferred into a wallet controlled by law enforcement agencies.
From there, a decision is made whether to destroy the currency or
Read more on cryptonews.com
