The Economic Crime and Corporate Transparency Bill, set to be introduced in the United Kingdom later this year, will give police more authority over taking possibly illegal crypto before any arrests or convictions have occurred.
While law enforcement can freeze suspected illegitimate digital assets, they cannot seize them. The proposed legislation becomes especially useful in cases where significant criminal links exist. However, due to jurisdictional limitations, justice may not be served in the UK.
The government will allocate a significant share of the confiscated cryptos towards future preventive measures against economic crime in the UK.
However, critics have voiced concerns over potential privacy violations and civil liberties. One of the biggest concerns is over the power to seize assets before conviction. Thoughtful execution of the law will be key to strike the right balance between efficient law enforcement and safeguarding individual rights.
