In a recent statutory instrument released by the UK government it is stated that starting from the end of April, U.K. law enforcement will have the authority to freeze cryptocurrency assets used in illegal activities without requiring a conviction.

On February 29th, a document was published that detailed the recent amendments made to the Economic Crime and Corporate Transparency Act 2023. The amendments have granted the National Crime Agency expanded power to confiscate and seize any crypto assets that they suspect are linked to suspicious and illicit activities without having to go through extensive legal procedures.

This means that the National Crime Agency now has a stronger hand in the fight against economic crime and can act more efficiently to prevent any illegal activities that involve cryptocurrency. The amendments also aim to promote transparency within the corporate sector, making it harder for individuals and businesses to engage in fraudulent activities.

Overall, the Economic Crime and Corporate Transparency Act 2023 is an important piece of legislation that will have a significant impact on the way that economic crime is addressed and prevented in the UK. With these amendments, the National Crime Agency has been given more power to tackle financial crime and ensure that businesses operate transparently and within the law.

A British national who was a victim of crypto fraud and lost around $46,000 to scammers has expressed strong concerns about the ability of U.K. authorities to handle crypto-related crimes against British residents. It is imperative that the authorities take immediate action to develop the necessary expertise to effectively tackle this growing threat and ensure that victims receive the justice they deserve.