This cricial move will enable authorities to have the power to proceeds made from ransomware. The Twitter account Watcher.Guru (@WatcherGuru), which has more than 865,000 followers, wrote: “The UK will introduce legislation this year to regulate the Bitcoin and crypto industry and ensure authorities can seize ransomware proceeds.”
The Prime Minister will introduce a new economic crime bill to crack down on illicit finance in the country.
It is aimed at strengthening laws that have empowered its Russian sanction packages and empower authorities to seize cryptocurrency assets.
The Government has said the bill would be at forcing kelptocrats and dirty money out of Britain.
This would ensure people such as associates of Russian President Vladmir Putin are not in any way able to benefit from the UK economy.
Prince Charles, standing in for the Queen at the State Opening of Parliament earlier today, set out the legislative agenda of Mr Johnson’s Government.
He said: “A bill will be brought forward to further strengthen powers to tackle illicit finance, reduce economic crime and help businesses grow.”
In March, the Government passed an Economic Crime Act, before then sanctioning hundreds of Russian individuals and entities.
The measures had already been imposed by the likes of the European Union and US.
The Government said the new bill will build on that Economic Crime Act by introducing identity verification for people who control companies in the UK.
This would be aimed at boosting the reliability of data held by the Registrar of Companies, as well as providing Companies House with effective investigation and enforcement.
The bill will also aim to empower authorities to accelerate how quickly and easily seize and recover crypto assets.
Authorities have spent years trying to seize crypto assets while there has been some success, they are still replying on old laws to do so.
In February, HMRC seized non-fungible tokens (NFTs) for the first time. These are a type of certificate of ownership for virtual assets.
David Postings, chief executive of UK Finance, praised the plans outlined in the Bill.
He said: “The Economic Crime Bill will be critical in helping to address money laundering and the growth in fraud and scams, which are now the most prevalent type of crime in the UK.
“This Bill should focus on measures that prevent fraud happening in the first place and provide greater enforcement powers to tackle those who commit economic crime.”
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