The UK government has introduced the Crime and Policing Bill, a legislative proposal aimed at strengthening law enforcement's authority to confiscate illicit assets, including cryptocurrencies linked to criminal activity. This bill seeks to expand the Crown Court's authority over confiscation orders and establish guidelines for valuing and handling crypto property that cannot be sold.
Key Provisions of the Bill
🔸Expanded Confiscation Powers : The bill grants the Crown Court extended powers to handle confiscation orders involving crypto.
🔸Guidelines for Crypto Property : Establishes guidelines for valuing and handling crypto property that cannot be sold.
🔸Streamlined Asset Recovery : Introduces measures to streamline asset recovery, enabling law enforcement to retrieve stolen funds more efficiently and redirect them to victims.
The proposed legislation builds upon the Economic Crime and Corporate Transparency Act of 2023, which granted authorities the power to freeze and confiscate cryptocurrency linked to illegal activities. The UK government has introduced stricter measures to address financial risks associated with cryptocurrencies, including reaffirming its commitment to strict cryptocurrency regulations.