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Report: UK government seeks powers to freeze assets, bank accounts

The U.K. government is seeking greater powers to cut off funding to terrorist groups by freezing assets and blocking access to bank accounts, Bloomberg News reported.

The proposed Sanctions Bill, if approved, would allow officials to take action based only on reasonable suspicion and is part of a broader effort to move legal powers back to the U.K. once it leaves the EU, Bloomberg said, citing the Foreign Office.

"These new powers will help us keep the British public safer from terrorist attacks by keeping money out of the hands of those wishing to cause us harm," Stephen Barclay, economic secretary to the U.K. Treasury, said.