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The UK House of Lords passed the Economic Crime and Corporate Transparency Bill, meaning it is one step closer to entering the statute book. The bill is designed to help law-enforcement agencies seize and freeze crypto used for crime.
While the House of Lords did not make changes to the crypto aspects of the bill, it was amended in earlier proceedings to ensure the measures extended to terrorism cases and measures to help authorities seize property that can help identify crypto linked to crime were added. An amendment was added to ensure courts can require authorities to seize and freeze crypto used for crime.
In March, the U.K. government said fighting criminal abuse of crypto was a part of its three-year economic crime agenda. The country has introduced crypto tactical advisors in police departments nationwide to help identify and seize digital assets associated with crime.
Graeme Biggar, director of the National Crime Agency, said in a statement when the bill was introduced in September, "For years, domestic and international criminals have laundered the proceeds of their crime and corruption by abusing U.K. company structures, and are increasingly using cryptocurrencies."
Approval by the House of Lords means the bill will return to the House of Commons for the final stages before it is put into law. Once both houses agree on the document, the king will need to sign it into law. The bill can be sent back and forth between the chambers of parliament until an agreement is reached.
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