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Highlights
- The British government on Thursday introduced the much-awaited Economic Crime and Corporate Transparency Bill in the House of Commons.
- The Home Office presented the bill, Energy & Industrial Strategy, Department for Business, Serious Fraud Office and Treasury will be discussed and debated further in October.
With an aim to strengthen its money laundering policies, the UK government on 22 September introduced the Economic Crime and Corporate Transparency Bill, which would give the powers to seize, freeze and recover crypto assets when used for criminal activities.
The bill, introduced in the UK Parliament, is primarily a part of the government's intent to drive illicit money out of the country. The bill was aimed to reduce red tape surrounding the domain. If passed, it would compel businesses to reveal information that may come under money laundering or terrorist financing.
The 250-page bill was first envisaged in May and was brought out for a first reading in the House of Commons on Thursday, and it will be discussed and debated further in October.
Giving powers to authorities
Before the bill, there were no provisions that would freeze or recover crypto assets. It would give power to money laundering agencies or regulators to act swifter and more efficiently. The Proceeds of Crime Act will allow the legislation to power agencies to keep pace with emerging technologies and prevent assets from funding further criminality.
Ask Business Secretary Jacob Rees-Mogg, and he will tell you that the reforms were indeed long-awaited and would help agencies come down hard on the illicit players. Besides, it aligns with their intention to make the UK the best place in the world to invest and start a business and safeguard them against any form of exploitation by fraudsters.
Conclusion
If the bill gets converted into law, it would be a big win for the regulatory authorities in the UK. With the regulators already close to a stablecoin regulation, this would give them more power to take action against people who violate laws.
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