UK House of Lords passes bill to seize stolen crypto
A bill that aims to expand the ability of authorities in the United Kindom to target illicit cryptocurrency usage has been pushed to the final stages for approval by the House of Lords.
The Economic Crime and Corporate Transparency Bill was introduced in September 2022 and primarily aims to tackle crypto-related financial crimes. Over the past year, the bill went from the House of Commons to the House of Lords and is now in the final stages of approval.
During the review, the House of Lords agreed on certain amendments to clarify its intent of targeting monetary proceeds from fraud or other financial crimes. In addition, the bill also aims to set provisions for corporate transparency and overseas business registrations.
At the final stage, the House of Commons will either decide to accept the proposed amendments or recommend changes to the bill. Following the approval, the bill will be signed into law through royal assent, a method by which a monarch formally approves an act of the legislature.
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The U.K.’s financial regulator, the Financial Conduct Authority (FCA), recently revealed its willingness to work with crypto companies to develop a much-awaited regulatory framework for the industry.
In her speech at #CityWeek2023, Sarah Pritchard spoke about the regulation of #cryptocurrency and how effective early engagement can support regulation that benefits all. https://t.co/w6Zv6K5FP1
— Financial Conduct Authority (@TheFCA) April 25, 2023
Speaking at the London’s City Week conference, FCA Executive Director Sarah Pritchard said:
“Let’s work together to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream.”
Pritchard noted the FCA’s responsibilities are limited to making sure that crypto firms that operate in the U.K. comply with Anti-Money Laundering and Counter-Terrorist Financing legislation.
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Prior to the 16th Amendment, which was ratified in 1913, the United States did not have a permanent income tax levied on citizens.
Politics
Jess Phillips says there’s ‘no place’ where violence against women ‘doesn’t happen’ – as spiking to become new offence
Jess Phillips has said “there is no place” where violence against women and girls “doesn’t happen” – as a new law is set to make spiking a criminal offence.
Earlier on Friday, the government said spiking will now be its own offence with a possible 10-year prison sentence as part of the Crime and Policing Bill, which will be introduced in parliament next week.
It also announced a nationwide training programme to help workers spot and prevent attacks.
Speaking to Sky News correspondent Ashna Hurynag, the safeguarding minister said that while spiking is already illegal under existing laws, the new classification will simplify reporting the act for victims.
“Spiking is illegal – that isn’t in question, but what victims and campaigners who have tried to use the legislation as it currently is have told us is that it’s unclear,” Ms Phillips said.
Spiking will be made a criminal offence, carrying a sentence of up to 10 years. Pic: iStock
UK ‘was never safe’ for women
When asked if the UK is becoming a less safe place for women, the minister for safeguarding and violence against women and girls, said: “I don’t think it’s becoming less safe, if I’m being honest. I think it was never safe.”
Speaking about a rise in coverage, Ms Phillips said: “We have a real opportunity to use that, the sense of feeling [built by campaigners] in the country, to really push forward political change in this space.”
“The reality is that it doesn’t matter whether it’s the House of Commons or any pub in your local high street – there is no place where violence against women and girls doesn’t happen, I’m afraid,” she added.
Read more:
What are the symptoms of spiking?
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Spiking is when someone is given drugs or alcohol without them knowing or consenting, either by someone putting something in their drink or using a needle.
Police in England and Wales received 6,732 reports of spiking in the year up to April 2023 – with 957 of those relating to needle spiking.
London’s Metropolitan Police added that reports of spiking had increased by 13% in 2023, with 1,383 allegations.
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November 2024: If you got spiked would you report it?
As part of the nationwide training programme, a £250,000 government-funded scheme was started last week to teach staff how to spot warning signs of spiking crimes, prevent incidents and gather evidence.
It aims to train 10,000 staff at pubs, clubs and bars for free by April this year.
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Alex Davies-Jones, minister for victims and violence against women and girls, said in a statement that “no one should feel afraid to go out at night” or “have to take extreme precautions to keep themselves safe when they do”.
“To perpetrators, my message is clear: spiking is vile and illegal and we will stop you,” he said. “To victims or those at risk, we want you to know: the law is on your side. Come forward and help us catch these criminals.”
Colin Mackie, founder of Spike Aware UK, also said the charity is “delighted with the steps being taken by the government to combat spiking”.
He added: “Spiking can happen anywhere, but these new initiatives are the first steps to making it socially unacceptable and we urge anyone that suspects or sees it happening, not to remain silent.”
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