UK Police Proposes Amendment Of Cryptocurrency Law

The current account-freezing orders and money-laundering laws that apply to cash and other assets but not cryptocurrency are now considered obsolete.

As at the time of writing this news, the following information was gathered;

The UK police are lobbying the government to amend the crypto law in order to authorize them to freeze cryptocurrencies and make it easy for the police to stop criminals from transferring funds from bank accounts.

The Scotland Yard detective affirmed that currently b account-freezing orders do not apply to crypto currency wallets, thereby posing difficulties in preventing criminals from transferring funds.

On that account, The Times reported last week that the Scotland Yard detectives are lobbying for new laws to let them freeze crypto assets of criminals.

Other important updates from the news include;

Mick Gallagher, a retired detective chief superintendent at the Metropolitan police described cryptocurrencies, including bitcoin, could not always be frozen or seized by the police, thus making the laws on freezing assets superseded. It was also gathered that Gallagher retired from active service at the end of last month, after putting in 37 years in the Metropolitan police.

In a publication, he emphasised on the need to align cryptocurrency to some kind of approach on cas-based criminality.

In addition, he noted that cryptocurrency is invisible, instant, goes around the world and is not tangible.

Gallagher further explained that the current account-freezing order and other money-laundering laws does not apply to cryptocurrency but only to cash and other assets, which makes it difficult for the police to stop criminals from transferring funds from bank accounts.

In conclusion, he and other senior detectives are lobbying the government to make changes to the laws pertaining to the freezing of assets and based on their proposal, the government has been encouraging and keen to help in the fight against organized crime.

What are your thoughts on the proposed by the UK police on the amendment of crypto law?