The United Kingdom government has granted law enforcement authorities the ability to freeze and seize crypto assets linked to illicit activities without a criminal conviction.
Amendments to Economic Crime and Corporate Transparency Act 2023
The recent release of statutory instrument documentation outlined amendments to the Economic Crime and Corporate Transparency Act 2023, expanding the powers of the National Crime Agency to confiscate crypto assets and retrieve them from exchanges and custodian wallet providers.
“The new law grants UK authorities the power to seize crypto assets without conviction. ”
Concerns Raised over Handling of Crypto Crimes
The new law, set to take effect on April 26, aims to combat crypto-related crimes such as cybercrime, scams, and drug trafficking. However, concerns have been raised regarding the authorities’ capability to handle crypto crimes against U.K. residents.
