A new law has been introduced in the UK to prevent cybercrime and money laundering.
The bill enables law enforcement agencies to “seize, freeze and recover” crypto assets.
Director general of the National Crime Agency Graeme Biggar said “domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing UK company structures, and are increasingly using cryptocurrencies.
“These reforms – long-awaited and much welcomed – will help us crack down on both.”
Globally, regulators and government officials are in the midst of protecting their investors and demonstrating a more vigilant and tighter oversight regarding the use of cryptocurrencies for money laundering.
In June last year, The Metropolitan Police reportedly seized £114m ($121.21) worth of cryptocurrencies linked to money laundering in the country.
A further £180m worth of crypto linked to such crimes was found only a month later.
The Economic Crime and Corporate Transparency bill will give extra powers to the UK’s registrar of companies, Companies House.
According to a statement from the government yesterday, the move will be the biggest reform to Companies House in 170 years.
The new reforms “will also see the organisation armed with new powers to check, challenge and decline incorrect or fraudulent information, making it a more active gatekeeper over company creation”.
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