The Home Office warns that digital currency is "increasingly used by organized criminals to launder profits from fraud, drugs and cybercrime."
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The United Kingdom has a new law that will make it "easier and quicker" for law enforcement agencies to seize, freeze and recover cryptocurrencies.
Announcing the measures, the Home Office warned that digital currency is "increasingly used by organized criminals to launder profits from fraud, drugs and cybercrime."
Politicians point to figures from the Metropolitan Police — London's force — which has reported a big rise in crypto seizures over the past year.
It's hoped that strengthening powers in the Proceeds of Crime Act will ensure law enforcement "can keep pace with rapid technological change and prevent assets from funding further criminality."
Graeme Biggar, the director general of the National Crime Agency, said:
"Domestic and international criminals have for years laundered the proceeds of their crime and corruption by abusing U.K. company structures, and are increasingly using cryptocurrencies. These reforms — long awaited and much welcomed — will help us crack down on both."
