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  • Writer's pictureConnie Chan

Lords Agree on Crypto Theft Bill Amendments

Lords Agree on Crypto Theft Bill Amendments
Lords Agree on Crypto Theft Bill Amendments

The Economic Crime and Corporate Transparency Bill introduced in September 2022 has been passed by the UK's House of Lords. The bill aims to tackle illicit use of cryptocurrencies by providing authorities with the power to seize stolen digital assets. The bill's primary objective is to address financial crimes related to cryptocurrency. The bill will now proceed to the final stages of approval by the House of Commons.

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Lords Agree on Crypto Theft Bill Amendments. Amendments To Clarify Bill’s Intent

The House has recently revised a bill, including amendments aimed at clarifying its intention to target proceeds from fraud and other financial crimes. The bill additionally aims to introduce provisions for corporate transparency and the registration of overseas businesses. Originally introduced in September 2022, the bill has the goal of guiding law enforcement agencies to consider cryptocurrency as a critical component of evidence in criminal investigations. If approved, the bill will make it easier for legitimate projects and companies to be recognized and gain support by preventing illicit projects from abusing sponsorships and patronage available to the industry. Furthermore, the bill will enforce stricter registration and transparency requirements for limited partnerships available in the UK to prevent the abuse of money laundering and other criminal activities. Lords Agree on Crypto Theft Bill Amendments.

Cryptocurrencies may be subject to seizure and freezing by authorities.

The UK House of Commons is in its final stage of either accepting the amendments or recommending changes to the bill. If approved, the bill will be signed into law through royal assent. The bill is aimed at addressing the growing trend of cryptocurrencies being exploited by criminals to launder money, conduct fraud, and other illicit activities. The House of Lords previously approved a version of the bill, which included provisions that allow authorities to seize and freeze cryptocurrencies suspected of being associated with criminal activities. Upon the bill's introduction, Graeme Biggar, Director General of the National Crime Agency, expressed his support for the measure.

“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.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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