Sanctions

Lord Browne of Ladyton Excerpts

Tuesday 1st March 2022 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, on the noble Lord’s second question, perhaps I can answer it with his first suggestion. To untangle such challenges we must work together, which is exactly what we are doing. We are working here in the United Kingdom and with key partners to negate the negative influence of Russian money and illicit finance in the United Kingdom and more broadly. As he will have seen from the sanctions we have introduced, they are reflective of that very objective. I am sure he will find that, as further legislation comes forward, further sanctions are applied and we have discussions on the economic crime Bill, we can untangle some of those issues.

On the issue of leadership, I have served with the noble Lord in government and I am sure he agrees that there are times when the United Kingdom leads the way, and I am proud of that. The richness of our history, our experience and our expertise reflects that. It is that leadership which also leads to enhanced partnerships, and that is exactly the approach we have adopted in this crisis.

[Lord Browne of Ladyton (Lab)]

My Lords, I welcome the Statement. It is certain that cryptocurrency will be used extensively to at least attempt to avoid these sanctions. There is no question about that. I think the Government are alert to that; the Foreign Secretary’s answers in the other place certainly indicated that they were. For the second day in a row, can I try to persuade a Minister to get the Financial Conduct Authority—

“the anti-money laundering and counter-terrorist financing … supervisor of UK cryptoasset businesses”

under the money laundering regulations—to remove the list of non-compliant crypto- asset dealers from its website? It is advertising money launderers to crooks and kleptocrats. Can they please be removed? There are 220 of them. It is not just their names: their websites and sometimes their mobile phone numbers are there.

[Lord Ahmad of Wimbledon (Con)]

They say that when you say it once, you say it twice; I hope the noble Lord might not need to say it thrice. I certainly note very carefully what he said. Of course, cryptocurrency provides an opportunity to weave a way out of some of the sanctions restrictions that are being applied, as he rightly articulated. I noted very carefully what he said and I will respond with more detail in due course.