UK Can Now Seize Crypto More Easily!!

[lory]

The new legislation in the UK, known as the Economic Crime and Corporate Transparency bill, has recently been enacted to enhance the powers of law enforcement agencies in seizing, freezing, and recovering cryptocurrency assets linked to criminal activities such as money laundering, drug trafficking, and cybercrime.

This move aims to streamline the processes involved in tackling economic crimes involving digital assets. The law allows for quicker actions against illicit crypto activities without requiring a conviction, promising more effective measures against financial crimes

https://www.coindesk.com/policy/202...-crypto-more-easily-as-new-rules-take-effect/

 

[JackAlabama]

as the well known saying goes: "you will own nothing...."

 

[JohnLocke]

Yes, unfortunately, that's the direction it's going, and one must consider their fortune and possibly‌ properties. It's far from certain that they will remain one's properties.

 

[jafo]

This has been going on in‌ the US for decades! John Oliver did a show on this about a decade ago.‍
Source:





Other countries' systems have been doing it, too, but they "relabel" it differently. 😉

In 2007, a friend of mine was exporting luxury brand handbags, shoes, belts, etc., to China,⁠ and Agenzia delle Dogane e dei Monopoli (ADM) stopped the shipment (+1600 pieces) and started⁤ investigating. Despite having all the receipts and payments, the ADM claimed the products were counterfeit.⁣ Experts from the high-end luxury testified in court that the products were real. It took⁢ almost five years, but my friend won the case in court. When the ADM returned︀ the products, they returned 15 pieces. rof/% smi(&%
His lawyer said: "We can start a new case︁ and sue them for the missing pieces." smi(&%

This was 2007! These shenanigans have been around︂ for decades, maybe even centuries; I have NOT been around that long, to speak from︃ experience. smi(&%

We've been lied to about WHO the real criminals are. 😉

 

[0xDEADBEEF]

The lawyer has to fund his second vacation home‍ somehow...

Also imagine the following scenario: A criminal earns money through illicit means and then⁠ uses this money to purchase goods. Now, these goods are bought with criminal proceeds. When⁤ the government investigates and begins to seize assets, they end up possessing items bought with⁣ illicit funds. What does the government typically do with such assets? They often auction them⁢ off, but what happens to the proceeds from these auctions? And importantly, how are these︀ proceeds taxed?

A 'joke' that I will never forgot: "The only difference between the government︁ and the mafia is that the mafia actually turns a profit."

 

[Wellington]

I guess⁢ where crypto is concerned it needs to be determined what if any law has been︀ broken.

Understandably if you have your wallet drained that’s a violation of the law, but︁ it stands to question whether the UK will misuse /abuse