The illicit finance summit will convene a broad coalition to tackle dirty money globally and focus on financial transparency, property, crypto and illicit gold. The Crown dependencies and overseas territories with financial centres have committed to upholding international tax standards, but we work closely with them on upholding those international standards and on wider transparency, including in relation to beneficial ownership.

We are using a range of measures on everything from sanctions to exposures of different networks that are moving money around, particularly in new technological ways; for example, by using crypto.

As a result of our actions and those of our partners, Russia’s economy is now in its worst position since the full-scale invasion began. We are also taking the crucial steps to stop the third-country circumvention of sanctions. Whether it is intercepting crypto networks that are flooding resource into Russia, the components and other things on critical lists that it might be using in drones, or the energy revenues that it is generating, we will not cease till we find every way in which Putin is attempting to circumvent our regimes.

We have heard some lively debates in the past few days about crypto currencies and trading based on Reddit tips and so on. I am assuming that the BIS hub will look at the positive ways in which innovation in FinTech can be used for the benefit not just of this country but globally, including those countries currently excluded from many financial processes.