Lord Murray of Blidworth (Con)

My Lords, I apologise to the Committee for not attending promptly. I am glad to say that I welcome these regulations and I very much hope that they will allow the police to act decisively against criminals who abuse our corporate frameworks, ensuring that Britain remains an inhospitable environment for illicit financial activity. The regulations extend two previous pieces of legislation designed to cover crypto asset investigations. Under the regulations, search and seizure powers will be able to be exercised for the purposes of investigating crypto assets. This is an entirely necessary move, born of the fact that many criminals use new and innovative ways to avoid detection in their illegal activities. The National Crime Agency’s national asset centre estimates that illicit crypto transactions linked to the United Kingdom are likely to have reached at least £1.2 billion in 2021 and are surely even higher now. Recent figures from the law firm RPC and Action Fraud show that losses from crypto asset fraud increased 41% last year. Can the Minister provide the latest figures on the cost to the UK economy of crypto asset fraud and the number of illicit transactions estimated to be taking place?