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1462539

	registered interest
	date	12/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bounce Back Loan Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the value of loans issued through the Bounce Back Loan Scheme at risk of being used to fund terrorist organisations.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	1370
	answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>Bounce Back Loans were offered by accredited lenders who were required to carry out appropriate anti-money laundering and know-your-customer checks on applications.</p><p> </p><p>In the event that lenders have concerns in regard to a loan already issued, they are responsible for recovering funds or referring the organisations to law enforcement agencies for investigation and recovery. In order to support these efforts, at Spring Statement the government provided £13.2m additional funding for the National Investigation Service to investigate fraud and financial crime against the scheme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/05/2022 15:01:30 answering member 4051 label Biography information for John Glen
	tabling member	4820 label Biography information for Abena Oppong-Asare

1455541

	registered interest
	date	29/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Fraud Authority
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, when his proposed Public Sector Fraud Authority will (a) be established and (b) become operational.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	149422
	answer	answer is ministerial correction date of answer 19/04/2022 answer text <p>The Public Sector Fraud Authority was announced at spring forecast. It will become fully operational later this year. The Authority builds on the government’s existing Counter Fraud Function, which is operational now.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/04/2022 10:59:41 answering member 4051 label Biography information for John Glen
	tabling member	4820 label Biography information for Abena Oppong-Asare

1441508

	registered interest
	date	15/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Sanctions: Russia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether any companies that have been sanctioned by the UK or are owned by people who have been sanctioned by the UK in relation to Russia's invasion of Ukraine received support through the coronavirus job retention scheme; and if he will publish details of these companies.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	140580
	answer	answer is ministerial correction date of answer 18/03/2022 answer text <p>Company details in relation to those that have been sanctioned by the UK that have benefited from the Coronavirus Job Retention Scheme (CJRS) are not available.</p><p> </p><p>However, HM Revenue and Customs (HMRC) published a list of employers that claimed through the CJRS since December 2020, on 16 December 2021, which can be found on gov.uk:</p><p> </p><p><a href="https://www.gov.uk/government/publications/employers-who-have-claimed-through-the-coronavirus-job-retention-scheme" target="_blank">https://www.gov.uk/government/publications/employers-who-have-claimed-through-the-coronavirus-job-retention-scheme</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 18/03/2022 11:53:01 answering member 4051 label Biography information for John Glen
	tabling member	4820 label Biography information for Abena Oppong-Asare

1418790

	registered interest
	date	01/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Business: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions and correspondence his Department has had with the National Crime Agency on fraud in the coronavirus business support schemes in the last three months.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	116080
	answer	answer is ministerial correction date of answer 04/02/2022 answer text <p>HMT officials regularly engage with the National Crime Agency to discuss shared policy interests, such as the response to fraud. This includes through the Economic Crime Strategic Board, through which the government, regulators, law enforcement, and industry discuss and drive forward the UK’s overall response to economic crime. The NCA and the Treasury are also members of a monthly cross-government Counter-Fraud Board on Bounce Back Loans.</p><p> </p><p>The government also continues to work actively with the British Business Bank, lenders, and fraud authorities to recover loans obtained fraudulently. This work has been supported by the Cabinet Office Counter Fraud Function to better identify the level and types of fraud against the scheme.</p><p>We are working with enforcement bodies including the National Investigation Service to investigate the most serious cases of fraud and we have always been clear that anyone who defrauds the scheme is at risk of prosecution. The National Investigation Service have recovered £3.1 million so far.</p><p> </p><p>The NCA is an operationally independent agency and has not been prevented from investigating frauds against the Bounce Back Loans scheme or any other Covid-19 support scheme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/02/2022 14:51:25 answering member 4051 label Biography information for John Glen
	tabling member	4820 label Biography information for Abena Oppong-Asare

1417738

	registered interest
	date	28/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Business: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many officials in his Department worked on preventing fraud in the coronavirus business support schemes in each month since April 2020.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	113840
	answer	answer is ministerial correction date of answer 02/02/2022 answer text <p>HM Treasury takes a flexible and dynamic approach to resourcing to meet Government priorities. We have officials delivering priority work, including on preventing fraud in the COVID-19 business support schemes. However, we do not routinely record the number of civil servants working on individual policy initiatives.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/02/2022 12:17:58 answering member 4051 label Biography information for John Glen
	tabling member	4820 label Biography information for Abena Oppong-Asare

1472852

	registered interest
	date	23/06/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 June 2022 to Question 11630 on Cryptocurrencies: Regulation, what assessment he has made of the (a) adequacy of existing skills and qualifications and (b) requirement to acquire further skills of brokers who (i) are already regulated and compliant with Money Laundering Regulations and (ii) do not intend to custody cryptoassets themselves but instead use a registered cryptoasset firm.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	23734
	answer	answer is ministerial correction date of answer 28/06/2022 answer text <p>It is the responsibility of the FCA to assess whether cryptoasset firms have appropriate anti-money laundering controls.</p><p> </p><p>As part of this assessment, firms must demonstrate they have the necessary skills and qualifications. Firms must also demonstrate they have proper policies and procedures in place to deal with the specific nature of the cryptoasset ecosystem. Where either is assessed to be below the required standard, they may have their application rejected or refused.</p><p> </p><p> </p><p>The Money Laundering Regulations established a risk-based approach to the supervision of cryptoasset businesses. The assessment which each firm must undergo is therefore proportionate to the risks generated by the kind of activities firms engage in.</p><p> </p><p>This means that whether the broker holds cryptoassets themselves or uses a registered cryptoasset firm, the skills &amp; procedures required will likely be different from those that a large cryptoasset exchange is expected to demonstrate.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/06/2022 13:50:19 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1467418

	registered interest
	date	01/06/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Technology: Greater London
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to (a) foster digital innovation and (b) maintain London as a key global capital market and fintech centre.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	11629
	answer	answer is ministerial correction date of answer 13/06/2022 answer text <p>Digital innovation is a major priority for the Government and the UK has a world leading tech sector valued at over $1 trillion. To foster cutting-edge innovation, at the 2021 Autumn Budget and Spending Review the Chancellor announced an increase in public research and development investment to £20bn by 2024/25, including £1.1bn for core Innovate UK programmes targeting business innovation. At Spring Statement 2022, the Chancellor went further in support of digital innovation by announcing reforms to R&amp;D tax credits which will expand qualifying costs to include data and cloud computing.</p><p> </p><p>The UK is well known internationally as a hub for high quality capital markets backed by strong and effective regulation. Last year, the Chancellor launched the Wholesale Markets Review (WMR) with the aim to deliver a rulebook that is fair, outcomes-based and supports competitiveness, whilst ensuring the UK maintains the highest regulatory standards.</p><p> </p><p>In addition, a sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is underway. As set out in the Queen's Speech, the upcoming Financial Services and Markets Bill will implement the outcomes of the Future Regulatory Framework (FRF) Review as well as a series of important initiatives underpinning the Government’s ambitious vision for the financial services sector.</p><p> </p><p>Finally, innovation and technology are central to the Government’s vision for the future of the UK’s financial services sector. The Government and regulators are taking forward the recommendations of the recent Kalifa Review of how government, regulators and industry can maximise the future growth of the fintech sector across the UK. In particular, on 29 October 2021, the Government announced £5 million of seed funding for a new Centre for Finance, Innovation and Technology (CFIT) as part of the Spending Review.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2022 12:30:06 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1467419

	registered interest
	date	01/06/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will allow UK FCA regulated firms, such as brokers, to be exempt from the FCA Cryptoasset Register as they already have equivalent approved processes in place.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	11630
	answer	answer is ministerial correction date of answer 13/06/2022 answer text <p>Under the Money Laundering Regulations (MLRs), any firm operating as a cryptoasset exchange provider or custodian wallet provider must be registered with the FCA for anti-money laundering supervision as a cryptoasset business. It is the responsibility of the FCA, as the independent supervisor for these firms, to assess whether firms have appropriate anti-money laundering controls in place for the kinds of activity they carry out, prior to admitting them to the register. There is no statutory exemption to this requirement for firms that are already registered with the FCA for another activity.</p><p> </p><p>It is necessary for firms dealing with cryptoassets to demonstrate that their controls are adequate to deal with the specific nature of the cryptoasset ecosystem. Having adequate AML controls for one type of business activity does not guarantee that these controls are suitable for another.</p><p> </p><p>The government is committed to supporting the safe and sustainable growth of the cryptoasset sector. The MLRs established a risk-based approach to the supervision of cryptoasset businesses, and the assessment which each firm must undergo should therefore be proportionate to the risks generated by the kind of activities it engages in. The processes that a broker is expected to put in place will therefore likely be different from those that a large cryptoasset exchange is expected to demonstrate.</p><p><strong> </strong></p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2022 12:38:43 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1467420

	registered interest
	date	01/06/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the FCA’s decision to classify cryptoassets as a restricted mass market investment.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	11631
	answer	answer is ministerial correction date of answer 13/06/2022 answer text <p>In January 2022 the government published a response to its consultation on a proposal to bring certain cryptoassets into the scope of the Financial Promotion Order to ensure that cryptoasset promotions are fair, clear, and not misleading.</p><p> </p><p>The forthcoming legislation, and supportive FCA rules, will regulate in-scope cryptoasset financial promotions. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products.</p><p> </p><p>The FCA’s consultation on its rules closed in March 2022 and it is currently considering representations from firms.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2022 12:37:00 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie

1461889

	registered interest
	date	11/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to help ensure that open banking is able to benefit as many consumers as possible.
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	uin	678
	answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>Open Banking is a great UK success story that has brought significant benefits to the 5.5 million UK consumers and businesses who now use products and services enabled by this technology.</p><p> </p><p>The government recently set out its plan for the future of UK Open Banking in a joint statement with the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), including a cross-authority committee for oversight of a new entity to succeed the Open Banking Implementation Entity. Through this Joint Authority Oversight Committee the government and regulators will work closely together to maintain the UK’s leadership in Open Banking. The government is seeking to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy. Open Banking should continue to support innovation and greater competition for consumers and businesses.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:43:19 answering member 4051 label Biography information for John Glen
	tabling member	1586 label Biography information for Adam Afriyie