New Powers for Law Enforcement
The UK government has granted police new powers to seize crypto assets from suspects even before making arrests. These powers aim to combat sophisticated criminals who use cryptocurrencies to launder money and hide their activities.
Expanding Authority
The National Crime Agency (NCA) and police can now seize not only crypto assets but also physical items related to crypto investigations, such as flash drives and passwords.
Protecting Victims
Victims of crypto crime can now apply for the return of their stolen digital assets.
Destroying Crypto Assets
In cases where returning crypto assets to circulation would not benefit the public, police have the authority to destroy them.
Prosecutor’s Perspective
Chief Crown Prosecutor Adrian Foster emphasized the need for these expanded powers: “Crypto assets are often used by criminal gangs to launder their criminal profits internationally. These new measures will greatly assist our ability to restrain, freeze, or eliminate crypto assets from illegal enterprise.”
