Question to the Foreign, Commonwealth & Development Office:

To ask His Majesty's Government what steps they are taking to deter Chinese criminal gangs using cryptocurrencies to launder significant sums of money; whether they have made any assessment of the scale of the problem and of the nature and likely efficacy of Chinese anti money laundering laws.

The Government has taken steps to build resilience to economic crime abroad, and passed legislation at home to respond to current and emerging threats. This includes responding to the risks posed by cryptoassets, which we assess remain an important facilitator for criminal transactions, as set out in the National Crime Agency's National Strategic Assessment of Serious and Organised Crime Threats. The Economic Crime and Corporate Transparency Act (2023) introduced enhanced powers to seize, freeze, convert and recover cryptoassets. The UK remains vigilant to emerging threats, regardless of where they originate, and will continue to respond comprehensively.