Posted 3/1/2024, 6:19:00 PM
UK Authorities Gain New Powers to Seize Cryptocurrencies Used in Crimes
- UK law enforcement to gain enhanced powers to seize crypto assets used in crimes starting April 26
- Part of 2023 Economic Crime and Corporate Transparency Act aimed at fighting financial crimes
- Allows authorities to freeze and seize cryptocurrencies linked to illegal activities
- Defines "crypto asset confiscation orders" that let agencies confiscate crypto-related items
- Comes after secondary legislation approved this week to activate relevant provisions of 2023 law