April 28, 2024
Latest Cryptocurrency News

UK Police Can Seize Criminal Crypto Assets Without Arrests

The National Crime Agency (NCA) and police in the United Kingdom now have greater authority to “seize, freeze, and destroy” cryptocurrencies used by criminals. Under the new guidelines, police enforcement no longer need to make arrests before seizing criminal crypto assets.

According to a statement from the U.K. Home Office, police are now authorized to confiscate items such as passwords or memory sticks that could aid in investigations.

Additionally, law enforcement can eliminate a seized crypto asset if its return to circulation is deemed detrimental to the public good.

Reclaiming Funds and Preventing Criminal Exploitation

Effective from April 26, the updated laws allow police to transfer illicit cryptocurrency to wallets under their control, with crime victims having the opportunity to reclaim funds from their crypto accounts.

U.K. Home Secretary James Cleverly emphasized the necessity of preventing criminals from profiting from illegal activities, citing instances of crypto fundraising by groups.

“These reforms will also enhance our national security,” stated Cleverly, highlighting the potential threat posed by terrorist organizations like Daesh, known to raise funds through crypto transactions.

Crackdown on Privacy Coins Amid Global Enforcement Efforts

The recent regulatory changes come on the heels of the passage of a crime bill by the U.K. parliament in 2023, streamlining the process of cryptocurrency seizure.

Privacy coins were specifically singled out as being “detrimental to the public good,” as they offer heightened anonymity compared to mainstream cryptocurrencies like Bitcoin and Ethereum.

While acknowledging the legitimate economic potential of cryptocurrencies, governments and law enforcement agencies worldwide, not limited to the United Kingdom, have intensified efforts against crypto privacy initiatives.

This global crackdown was further underscored by the recent apprehension of the founders of Bitcoin mixer Samourai Wallet in the United States on charges of conspiracy to commit money laundering.

Image by www.slon.pics on Freepik

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