United Kingdom approves law to confiscate cryptocurrencies involved in illicit activities
UK authorities now have the power to confiscate cryptocurrencies that may be involved in crimes, according to the recently approved bill on Economic Crimes and Corporate Transparency
The new bill approved by the United Kingdom on Economic Crimes and Corporate Transparency empowers authorities to confiscate cryptocurrencies that may be the result of illegal acts.
With this new legal tool, the Parliament of the European country expands the powers of local authorities in the matter, as well as providing confidence and security to the participants in this market.
“It is expected that by expanding the necessary tools for that country’s law enforcement agencies, faster seizures will be made for cryptocurrencies involved in crimes under British law.”
Among the illicit acts that authorities can attack are “drug trafficking, cybercrime and terrorist activities.”
The approved bill allows for quick action, provided there is evidence of illegal acts, without the need for a prior conviction. It is important to clarify that “digital assets involved in crimes may be subject to freezing. However, they cannot be confiscated in criminal cases unless a person has been convicted under a final sentence.”
The measure ratifies the performance of the British government in monitoring all activity related to cryptocurrencies, in which registration is required, with identity verification and other requirements in order to avoid illegal acts.
M.Pino
Source: criptotendencias
(Reference image source: Traxer, Unsplash)
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