According to CoinDesk, the UK's Economic Crime and Corporate Transparency Bill was recently passed by the House of Lords, enabling law enforcement agencies to seize and freeze cryptocurrencies used for criminal purposes, and the bill is one step closer to becoming law.
While the House of Lords did not amend the cryptocurrency aspects of the bill, during previous deliberations, the bill was amended to ensure that the measures apply to terrorism cases and to add measures to help law enforcement agencies seize property that can help identify cryptocurrencies linked to crimes. In addition, an amendment was added to ensure that the courts can require law enforcement agencies to seize and freeze cryptocurrencies used for criminal purposes.
In March, the UK government said combating the criminal misuse of cryptocurrencies was part of its three-year economic crime agenda. The country has introduced cryptocurrency tactical advisors to police forces across the country to help identify and seize digital assets linked to crime.
Graeme Biggle, director general of the UK National Crime Agency, said when the bill was introduced last September: "Domestic and international criminals have for years abused UK corporate structures to launder the proceeds of crime and corruption, and increasingly use cryptocurrencies. These long-awaited reforms will help us combat both."
Approval from the House of Lords means the bill will go back to the House of Commons for the final stages of scrutiny before it can become law. Once both houses agree on the document, the King will then need to sign the bill into law. The bill can be passed back and forth between the two houses of Parliament until they reach agreement.