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UK government wants more power to seize crypto assets

2022/02/28 10:02

The U.K. government is proposing a set of reforms, which will give it greater power to seize crypto assets, to tackle money laundering, the Financial Times reported on Monday. The reforms will be set out under a new economic crime bill aimed at addressing the use of digital currencies to hide the origin of potentially nefarious funding. Ministers will soon publish a white paper proposing reforms to the Companies House, the U.K.'s registrar where all businesses must submit financial statements and other information. Such a legislation has been been in the works for some time, the government is now accelerating its plans in response to Russia's invasion of Ukraine, which has sharpened concerns about the flow of "dirty money" into the U.K.
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