Draft Proceeds of Crime Act 2002 (Search, Seizure and Detention of Property: Code of Practice) (Northern Ireland) Order 2024

Matt Vickers Excerpts

Tuesday 10th December 2024 General Committees

[Matt Vickers (Stockton West) (Con)]

It is a pleasure to serve under your chairmanship, Sir Roger. A version of these changes was discussed in Committee last month, and we rightly support the measures made as a consequence of the Economic Crime and Corporate Transparency Act. It is critical that we update our legal regime to ensure we can seize the proceeds from all those who commit crimes, whether they are in cash or cryptocurrency, and a code should apply consistently wherever a criminal operates in the United Kingdom, including Northern Ireland. As such, we support these changes to the proceeds of crime codes. Some things are beyond party politics, and it is heartening to see the new Government continue the legislative process stemming from the Economic Crime and Corporate Transparency Act, which was passed by the Conservatives.

Cryptocurrency has fundamentally and permanently changed the way criminals and terrorist groups launder, move and spend their money. It is right for the Government to move quickly to ensure that our police and enforcement agencies have the authority and means to respond to those changes. The ability to do so successfully will play a vital role in our national security.

Based on conversations in Grand Committee, I understand there is potential for the proceeds of crime to be recycled back into agencies under this system. The impact assessment for the Act estimated total benefits of £430.4 million over 10 years. Although I appreciate that it may be challenging to provide precise figures, has the Minister estimated what proportion might be allocated to Northern Ireland? Additionally, given the decentralised nature of cryptocurrencies, what discussions has the Minister had with counterparts in the Republic of Ireland and other partner countries to ensure cross-border co-operation in preventing the illicit use of such funds?

I want to take a moment to salute the work of the National Crime Agency on its recent investigation into a global cryptocurrency money laundering network based out of Moscow. Eighty-four people have been arrested—with the network stretching across 30 countries —including 71 here in the UK. That shows that our law enforcement agencies are getting ahead of crypto, despite its relative novelty. We in this place should continue to play our part to ensure that that remains the case.

Finally, given the recent discovery and exposure of and police action against Moscow-based crypto laundering, has the Minister considered and investigated the use of crypto in sanctions evasion by Russia? Although I understand that what he can share will be limited, I encourage him to prioritise tackling that.

As I said before, national security must always come above party politics. It is in that spirit that I reiterate our support for the changes today and assure the Minister of our continued collaboration on matters of national security.