On Nov. 13, UK GVT amended order to reflect new cryptoasset power.
UK GVT published the Proceeds of crime act 2002 (investigations in different parts of the United Kingdom) (amendment) order 2024 (StIn 2024/1123).
This order amends the Proceeds of crime act 2002 (enforcement in different parts of the United Kingdom) order 2002 (enforcement order, StIn 2002/3133).
As well as the Proceeds of crime act 2002 (investigations in different parts of the United Kingdom) order 2003 (investigations order, StIn 2003/425).
Cryptoasset Powers
The enforcement order and investigations order make provision for conducting proceeds of crime investigations and proceeds of crime enforcement across the different jurisdictions of the UK under the Proceeds of crime act 2002 (POCA 2022).
The Economic crime and corporate transparency act 2023 (ECCT Act) introduced new powers into POCA 2022 to investigate and confiscate or forfeit certain cryptoassets.
A cryptoasset is a cryptographically secured digital form of property such as bitcoin.
Amends enforcement and investigation orders to incorporate new cryptoasset powers.
Ensures effective investigation of cryptoasset cases across different jurisdictions in UK.
This is the only possible approach that enables the enforcement order and investigations order to operate in accordance with amendments made by ECCT Act.
