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UK tightens grip on crypto criminals with asset seizure
Cryptocurrency News: Read how the UK tightens its grip on crypto criminals with asset seizures
The UK government has established rules that allow the police to ban the use of Bitcoin if it is used for illegal purposes. The goal is to make it easier for them to take away money that people have obtained illegally, even if they try to hide who they are or do bad things to other countries. The intention behind this move, as stated in the press release from the Ministry of the Interior, is to simplify the process of seizing assets obtained through illegal means.
UK tightens grip on crypto criminals
The UK Parliament has initiated a new law to make it easier for authorities to take Bitcoin away from people who are using it illegally. Law enforcement agencies have appointed specialist consultants across the country to deal with it crypto criminals cases. They are likely to have experience understanding Cryptocurrency protocols, blockchain technology, cryptocurrency transactions and related legal policies.
Chief Crown Prosecutor Adrian Foster highlighted the importance of these measures in combating evolving criminal tactics. “It is critical that investigators and prosecutors have the capacity and agility to keep pace with this changing nature of crime, and these new measures will greatly aid our ability to withhold, freeze or eliminate crypto assets from illegal businesses,” he said. Foster said.
The efforts and measures taken by these consultants and law enforcement agencies have led to notable changes. The UK tightens its grip on crypto criminals who have managed to get hold of a considerable amount of cryptocurrency, successfully punishing criminal activities elaborated by digital currencies.
In January, as part of a joint operation between the National Crime Agency and the U.S. Drug Enforcement Administration, these two agencies collaborated in a mission targeting drug trades, resulting in the seizure of $150 million in related cash and cryptocurrency to a drug syndicate.
Home Secretary James Cleverly explained the wider implications of these reforms: “Terrorist organizations such as Daesh are known to raise funds through crypto transactions and these updated powers will allow our agencies to deprive them of their assets more easily.”
Coming to the statistics
The report shows that between 2022 and 2023, 52.8 full-time specialist employees supervised anti-money laundering cases. In 2022-2023, the FCA’s financial crime specialists conducted and detected 375 cases of financial crime and sanctions fraud. Additionally, FCA teams have launched a total of 95 cases against UK crypto firms.
While the The UK tightens its grip on crypto criminalsAccording to recent reports on April 26, the UK’s National Crime Agency (NCA) and police have been given the authority to “seize, freeze and destroy” cryptocurrency used by criminals.
So, this article talks about and spreads updates on the latest news in cryptocurrency news The UK tightens its grip on crypto criminals with asset seizures. This has an impact on the cryptocurrency market and the steps taken to ensure safety and integrity by UK law enforcement agencies by initiating effective measures.