Last Updated on September 23, 2022 by Bitfinsider

The Economic Crime and Corporate Transparency bill, which was initially submitted in May 2022, has now been formally endorsed by the UK government in an effort to combat fraud and money laundering in the nation. The measure offers instructions to law enforcement organizations on how to regard cryptocurrency as a crucial piece of evidence in criminal investigations. The UK Home Office, Department for Business, Energy & Industrial Strategy, Serious Fraud Office, and Treasury have all expressed support for the law.

Graeme Biggar, director general of the National Crime Agency, spoke on the subject and the link between cryptocurrency and money laundering activities, saying: “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.”

By filtering out the malicious ones who misuse the sponsorships and patronage available in the industry, the rule will also make it simpler for legitimate businesses and projects to acquire the necessary awareness and support. Additionally, Scotland’s limited partnerships will have more stringent registration and transparency requirements, which will stop them from being abused for the purpose of money laundering and other illegal acts. This will help reputable companies and investors across the country run their operations and have a beneficial impact on the UK economy. Additionally, the changes will shield customers and small-business owners from criminals who steal identities.

The UK becoming the next major international crypto hub was a top priority for the previous administration. However, many were uncertain about whether the country’s emerging crypto business would benefit or suffer from the shift in leadership. Liz Truss, the incoming prime minister, had praised cryptocurrency while she was the foreign secretary. As a result, there were many theories about how Truss might steer the sector. shortly after her appointment, Truss’s administration declared that it will keep up efforts to turn the UK into a major worldwide centre for cryptocurrency.