Reading time: ~1 m
In a statement on Thursday, the UK government said lawmakers have introduced a bill on economic crime and corporate transparency in parliament as part of efforts to combat “dirty money” in the country. The bill includes provisions to reduce “privacy-related bureaucracy” and empower law enforcement to “enforce companies to provide information that may be related to money laundering or terrorist financing.” Cryptocurrencies are subject to this law.
The law will make it easier for legitimate companies and projects to gain the visibility and support they need by weeding out those companies that abuse the sponsorship and patronage available in the industry. It will also tighten registration and increase transparency requirements for limited partnerships available in the UK, including Scotland. This will greatly benefit legitimate businesses and investors across the country to operate and contribute positively to the UK economy.
The Metropolitan Police allege that there has been a dramatic increase in cryptocurrency seizures in 2021 as the industry and user numbers have grown. In July 2021, the BBC reported that police had seized £114m and £180m worth of cryptocurrencies linked to international money laundering.
#bill #fight #money #laundering #cryptocurrencies