The new bill aims to throw out dirty money out of the country
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The United Kingdom's government has introduced legislation to combat money laundering and fraud, specifically by expanding the authorities' ability to target crypto assets used for illegal purposes. The 250-page Economic Crime and Corporate Transparency Bill, first promised in May, was introduced by the Home Office, Department for Business, Energy and Industrial Strategy, Serious Fraud Office, and Treasury, and it includes provisions for more than just crypto.
Business Secretary Jacob Rees-Mogg called the bill 'historic.' In a public statement, he further added, "This historic Bill will equip Companies House and law enforcement with the tools they need to root out criminals attempting to hide their activities without burdening law-abiding companies with unnecessary bureaucracy. Above all, via strict enforcement measures, we are telling investors that the UK is open for legitimate business only."