The Economic Crime and Corporate Transparency Bill in the United Kingdom (UK), which aims to expand authorities’ ability to combat illicit cryptocurrency usage and tackle crypto-related financial crimes, is nearing the final stages of approval by the House of Lords. This bill, introduced in September 2022, has gone through various reviews and amendments during its progression through Parliament.
The House of Lords, in its review, agreed on certain amendments to clarify the bill’s intent in targeting monetary proceeds from fraud or other financial crimes. The legislation also includes provisions for enhancing corporate transparency and regulating overseas business registrations.
The final stage will involve the UK Parliament deciding whether to accept the proposed amendments or recommend further changes to the bill. Once approved, the bill will become law through royal assent, where the monarch formally approves the legislation.
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This legislative development reflects the UK’s commitment to addressing financial crimes in the cryptocurrency space and promoting regulatory clarity for the industry. The Financial Conduct Authority (FCA) has also expressed its willingness to work with crypto companies to develop a regulatory framework that ensures compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) legislation.
The passage of this bill signifies the UK’s efforts to strengthen its regulatory framework and combat illicit activities involving cryptocurrencies.