UK will make it easier to seize cryptocurrencies in terrorism cases

A spokesperson for the Home Department reported that such a step is necessary to expand the powers of law enforcement agencies

14.10.2022 - 15:00

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What’s new? The UK government will make it easier for law enforcement agencies to seize cryptocurrency assets that have been used to finance terrorism. A spokesman for the UK Home Department told CoinDesk in an email that such a step is necessary to expand the powers of law enforcement agencies. He added that this will help effectively seize, freeze and confiscate crypto assets that could be or have been used for terrorist purposes.

Information on the CoinDesk website

How did events develop? The Economic Crime and Transparency bill was introduced in September and aims to curb the use of cryptocurrencies for criminal activity, including the circumvention of sanctions. Similar amendments to the counter-terrorism law give authorities the power to freeze assets in cases like the arrest of UK national Hisham Chaudhary, who was found guilty of using bitcoin to fund the Islamic State. Suella Braverman, secretary of state for the Home Department, noted:

“Crypto assets are increasingly being used for malign and terrorist purposes and we intend to crack down on this and we’ll be bringing forward a government amendment to mirror the changes in part four of this bill into counterterrorism legislation.”

Earlier, the government passed a bill under which blockchain technology will be used as a solution for storing documents. It will make digital records legally recognized, reduce administrative costs and facilitate cross-border payment processes for British firms.

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