British police push for new laws to allow them to freeze cryptocurrencies
British police are pressuring the government to change laws to allow it to freeze cryptocurrencies. Scotland Yard detectives say that currently, account freeze orders do not apply to cryptocurrency wallets, making it difficult for police to stop criminals from transferring funds.
British police want new laws to let them freeze cryptocurrencies
Scotland Yard detectives are pressing the government for new laws to allow them to freeze the crypto assets of criminals, The Times reported last week.
Mick Gallagher, a retired chief superintendent of the Metropolitan Police, explained that asset freeze laws are outdated, therefore cryptocurrencies, including bitcoin, could not always be frozen or seized by the police. Gallagher, who spent 37 years in the Metropolitan Police, retired late last month.
âThe conversations we have are about how we align cryptocurrency with the same kind of approach we have about money-based crime,â he told the publication, noting that “cryptocurrency is invisible, it is instantaneous, it goes around the world, it is not tangible. The retired detective noted that” one of the answers we have is legislation, “stressing :
Because cryptocurrency and crime involving crypto has grown so rapidly and because the legislation is so slow, we are currently discussing the realignment of some legislation that currently applies to cryptocurrency-laundered cash.
Gallagher explained that current account freeze orders and other money laundering laws apply to cash and other assets, but not cryptocurrencies, making it difficult for police to prevent criminals from transferring. funds from bank accounts.
He and other veteran detectives are lobbying the government to change the asset freeze laws. Gallagher noted that based on their discussions so far, the government has supported them and eager to help them fight organized crime.
Gallagher said, “It’s a question of definitions,” adding:
In some of the laws that we have on account freezing orders, the word account is a critical word. But there is no such thing as an account in the cryptocurrency world because they use wallets. So you only need to make slight legislative adjustments to get the wording to include the portfolio.
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