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24 May 2024 / Nick Barnard
Issue: 8072 / Categories: Features , Profession , Crypto , Cyber , Cybercrime , Technology
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Crime fighters put cryptoassets in their sights

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Criminals love them, but now enforcement agencies have the statutory tools to fight back, writes Nick Barnard
  • On 26 April 2024, amendments to the Proceeds of Crime Act 2002 came into force, giving law enforcement new tools to freeze, seize or even destroy cryptoassets.
  • Explains crypto-wallet freezing orders and crypto-wallet forfeiture orders.
  • The new orders are based on the Account Freezing Order regime.

Since their ascent to mainstream attention over the past decade, cryptoassets have proved a vexed challenge for law enforcement agencies (LEAs), particularly those charged with disrupting money-laundering and recovering the proceeds of crime.

Unlike cash (which exists only in physical form) or funds in bank accounts (which are controlled by a regulated third party with established law as to ownership and location), cryptoassets represent a new form of liquid digital value, which can be held and transferred in entirely new ways.

As a starting point, the infrastructure of cryptoassets generally makes no provision for recording or enforcing the ‘owner’ of an asset by reference to natural or legal persons. If the

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NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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