- In June, the Met managed to confiscate a total of $158.0 million.
- The previous British government was particularly enthusiastic about cryptocurrency adoption.
To combat cybercrime, money laundering and “foreign corruption,” the Economic Crime and Corporate Transparency Bill was introduced in the British Parliament on Wednesday to strengthen police powers over cryptocurrencies.
Although the bill does not specifically specify cryptocurrencies, it will make it “easier and faster” for law enforcement agencies such as National Crime Agency “Confiscation, Freezing, and Recovery of Crypto Assets” by updating and strengthening the Proceeds of Crime Act, a 2002 law against money laundering.
Director General of the National Crime Prevention Agency Graeme Biggar He said in a statement:
“Local and international criminals have for years laundered the proceeds of their crime and corruption through the misuse of UK corporate structures, and they are increasingly using cryptocurrencies. These reforms – long overdue and much welcomed – will help us crack down on both.”
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During the summer of 2021, the British Metropolitan Police’s Economic Crime Command (It) carried out two separate raids, seizing digital currencies valued at hundreds of millions of dollars. After conducting an extensive investigation into several cases of money laundering in June, the Met was able to seize a total of $158.0 million.
Upon further investigation, The Met made a larger forfeiture of $250 million just three weeks later. The UK is generally supportive of cryptocurrency due to its potential as a game-changing innovation. Particularly enthusiastic was the former British government, which announced in April its intention to become a “global hub for crypto-asset technology.” The cryptocurrency market has been trading in the red for the past few days as bears chase the majors.
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