The UK government has introduced the Economic Crime and Corporate Transparency Bill on 22 September aimed at cracking down on fraud and money laundering. Described as the biggest upgrade of Companies House in 170 years, the new bill will expand the law enforcement’s power to compel businesses to hand over information which could be related to money laundering or terrorist financing. It will also empower the law enforcement agencies to seize, freeze and recover cryptoassets in an easier and quicker way in light of the increase use of digital currency for money laundering purpose. The government believes that the new bill will strengthen the UK’s reputation as a place where legitimate businesses can thrive while dirty money is driven out of the country.
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