The UK police are campaigning for the government to change the laws so they can freeze cryptocurrencies. Scotland Yard detectives say account lockout orders do not currently apply to cryptocurrency wallets, making it difficult for police to prevent criminals from transferring funds.
The UK police want new laws so they can freeze cryptocurrencies
Scotland Yard detectives are campaigning for new laws with the government so they can freeze criminals’ crypto assets, The Times reported last week.
Mick Gallagher, a retired detective chief superintendent with the Metropolitan Police, stated that asset freezing laws are out of date and therefore cryptocurrencies, including Bitcoin, cannot always be frozen or seized by the police. Gallagher, who had spent 37 years with the Metropolitan Police, retired late last month.
“The conversations we’re having is about how we can align cryptocurrency with the same approach we have with cash-based crime,” he told the publication, noting, “Cryptocurrency is invisible, it is instantly available and goes around the world, it’s intangible. ”The retired detective stated that“ one of the answers we have is legislation, ”emphasizing:
With cryptocurrency and crypto-related crime moving so quickly and legislation being so slow, we are now in talks about realigning some of the laws that currently apply to laundered cash to cryptocurrencies.
Gallagher explained that checking account freezing 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 high-ranking detectives are campaigning for the government to change asset freeze laws. Gallagher noted that based on their discussions so far, the government was supported and interested in assisting them in the fight against organized crime.
Gallagher said, “It’s about definitions” and stated:
In some account freezing laws, the word account is a critical word. But there is no account in the cryptocurrency world as they use wallets. So, all you need to do is make minor changes to the legislation for the wording to include the wallet.
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