The United Kingdom is reportedly accelerating efforts to introduce a new Economic Crime Bill, a proposal aimed at regulating crypto-assets and combating crypto money laundering.
UK To Launch Economic Crime Bill
According to a Financial Times report, the United Kingdom is gearing up to combat illicit money laundering concerning cryptocurrency via this new proposal. The report also revealed details on how the new bill is aimed at giving greater power to the government including the authority to seize crypto assets if they have been procured through unlawful means.
Sources also revealed how the government is expediting its efforts to introduce the new bill that will comprise reforms aimed at regulating crypto-assets, emphasizing digital currencies and addressing their utility to hide the origin of illicit funding, as per Financial Times.
A white paper concerning the new bill is said to be in the works that will suggest reforms to the Companies House, where all businesses and corporations will submit necessary documents related to their enterprise.
The bill also seeks to inquire about the origin of companies urging foreign firms and organizations to disclose details such as financial statements and other related information to curb illegal fund transfers and prevent criminals from hiding their identities, or making use of shell companies to acquire funds.
The UK government is reportedly expediting efforts to introduce the bill as early as possible, in response to the Russian invasion of Ukraine, which has highlighted concerns related to illicit money flowing back into the country.
Prime Minister Boris Johnson had earlier addressed the said predicament, stating that “there is no place for dirty money in the UK.” The government also added that the bill will support the National Crime agency and assist the organization in identifying criminal and corruption-ridden outlets.
According to a recent report published by Chainalysis, crypto money laundering is a growing issue that spiked nearly 30% in 2021. Furthermore, the report reveals that approximately $33 billion worth of funds has been laundered via crypto since 2017.