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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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MOVERS & SHAKERS

Hogan Lovells—Lisa Quelch

Hogan Lovells—Lisa Quelch

Partner hire strengthens global infrastructure and energy financing practice

Sherrards—Jan Kunstyr

Sherrards—Jan Kunstyr

Legal director bolsters international expertise in dispute resolution team

Muckle LLP—Stacey Brown

Muckle LLP—Stacey Brown

Corporate governance and company law specialist joins the team

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HERBERT SMITH STAFF PENSION SCHEME (THE “SCHEME”)

NOTICE TO CREDITORS AND BENEFICIARIES UNDER SECTION 27 OF THE TRUSTEE ACT 1925
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