The UK government said Thursday it could seize crypto assets to fight white-collar crime, but the proposal falls short of the drastic cut demanded by lawmakers who want a single agency to tackle crime. It didn’t reach the point of review. Banking and online fraud have surged in the UK, especially since the COVID-19 pandemic. The government said in response to parliamentary questions: We will introduce legislation that turns crime into white-collar crime and allows for faster seizures and recoveries of crypto assets, as time permits in Congress.
“This could be a significant lost opportunity,” TSC Chairman Mel Stride said in a statement. The government has already endorsed recommendations requiring online platforms such as Google and Facebook to take aggressive action against fraudulent advertising of financial products, but until the bill is passed and implemented takes time. “Online platforms must act now and remove these deceptive ads urgently,” Stride said. Google has already agreed to only accept financial promotions from companies regulated by the Financial Conduct Authority, and Facebook owner Meta plans to follow suit this year.
“In particular, we propose the creation of civil forfeiture powers to reduce the risk of using funds to further crime without being prosecuted,” the government said at a parliamentary finance ministry special committee. The study recommended a single white-collar crime agency to replace a “dizzying” number of agencies, but the government said its multi-agency approach was the right one. “This allows us to distinguish between different types of crime,” the government said, adding that public sector fraud requires a different response to fraud by individuals and businesses.
The study recommends forcing online platforms to compensate customers affected by fraud, and the government has not ruled out this move. “We are working closely with technology companies, law enforcement and civil society partners to explore all possible options to help and mitigate victims of online fraud,” the government said. says.
- According to the UK government, crypto assets could be seized to curb criminality
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