New powers to seize cryptoassets used…
New powers to seize cryptoassets used by criminals go live
- New powers enabling law enforcement agencies to seize crypto assets used by criminals have gone live in the UK.
- Organized criminals, including drug dealers, fraudsters, and terrorists, are known to increasingly use crypto assets to launder the proceeds of crime and raise money.
- The government estimates that illicit crypto transactions linked to the UK reached at least £1.2 billion in 2021.
- Updated proceeds of crime and terror legislation makes it easier for UK law enforcement to effectively investigate, seize, and recover illicit crypto assets.
- Changes include allowing police to seize crypto without making an arrest, transferring illicit crypto assets into law enforcement control, and destroying crypto assets when necessary.