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Market Analysis Report (23 Sep 2022)

Date:

A new anti-money laundering bill introduced in the UK is set to make it easier for law enforcement to seize, freeze, and recover digital assets as part of a broader crackdown on money laundering.

The 250-page Economic Crime and Corporate Transparency bill was introduced by the Home Office, Department for Business, Energy & Industrial Strategy, Serious Fraud Office and Treasury, and covers more than just crypto.

National Crime Agency Director General, Graeme Biggar, was quoted saying that criminals have “for years laundered the proceeds of their crime and corruption by abusing UK company structures and are increasingly using cryptocurrencies.” The bill, he said, will help “crack down on both.”

The bill is designed to build on an earlier act that helped regulators place sanctions against Russia and freeze relevant assets in the country. Regulators have been concerned some Russians could be using crypto to bypass sanctions imposed after the invasion of Ukraine started.

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  • Source: https://www.cryptocompare.com/email-updates/daily/2022/sep/23/

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