UK Law Enforcement Agencies Can Now Seize Crypto More Easily as New Rules Take Effect

New
powers
that
will
help
law
enforcement
agencies
seize
crypto
used
for
crime
came
into
effect
on
Friday,
the

U.K
Home
Office
said
in
a
press
release.

As
a
result
of
these
new
rules,
police
in
the
country
will
no
longer
be
required
to
make
an
arrest
before
seizing
crypto
holdings,
the
Home
Office
announced.
The
new
rules
came
after
the
U.K.
Parliament

passed
a
crime
bill
last
year,
which
laid
the
foundations
for
crypto
to
be
seized
more
quickly.

“This
will
make
it
easier
to
take
assets
which
are
known
to
have
been
criminally
obtained,
even
if
sophisticated
criminals
are
able
to
protect
their
anonymity
or
are
based
overseas,”
Friday’s
press
release
said.

The
police
has
stationed
crypto
tactical
advisors
across
the
country
and
has
already

seized
hundreds
of
millions
of
pounds
worth
of
crypto.
In
January,
the
National
Crime
Agency
worked
with
the
U.S.
Drug
Enforcement
Administration
to
investigate
a
drug
enterprise
which
led
to

$150
million
in
cash
and
crypto
being
seized.

“It
is
vital
that
investigators
and
prosecutors
have
the
capability
and
agility
to
keep
pace
with
this
changing
nature
of
crime
which
these
new
measures
will
greatly
assist
our
ability
to
restrain,
freeze,
or
eliminate
crypto
assets
from
illegal
enterprise,”
said
Chief
Crown
Prosecutor
Adrian
Foster
in
the
press
release.

Officers
will
also
be
able
to
transfer
the
crypto
into
a
wallet
controlled
by
law
enforcement
agencies.
They
will
be
able
to
destroy
crypto
assets
“if
returning
it
to
circulation
is
not
conducive
to
the
public
good.”

The
press
release
pointed
to
privacy
coins
as
an
example
of
an
asset
type
where
seized
coins
may
be
destroyed.

“These
reforms
will
also
enhance
our
national
security,”
Home
Secretary
James
Cleverly
said
in
the
statement.
“Terrorist
organizations
like
Daesh
are
known
to
raise
funds
through
crypto
transactions
and
these
updated
powers
will
enable
our
agencies
to
more
easily
strip
them
of
their
assets.”

Read
more:



UK
Crime
Bill
Lets
Cops
Freeze
Crypto
Faster,
Channels
Tainted
Assets
to
Public
Funding