Written question asked by Lord Joffe (Labour), in the House of Lords. It was answered by Lord Malloch-Brown (Labour) on Monday, 1 October 2007.

Zimbabwe: Finance

Question: asked Her Majesty's Government:What steps they have taken to ensure that loans to agencies of the Government of Zimbabwe and the purchase of Zimbabwean treasury bills and government bonds by British banks do not breach the European Union common position prohibition on making funds and economic resources available to individuals closely associated with the Government of Zimbabwe.

Answer: The EU targeted measures on Zimbabwe impose, inter alia, an assets freeze on individual members of the Government of Zimbabwe, including President Mugabe, which includes a prohibition on making funds or economic resources available, directly or indirectly, to them. The Bank of England, acting as an agent for HM Treasury, is responsible for making banks in the UK fully aware of this. Where there is information to suggest that a breach of the EU targeted measures has occurred or of a connection between a designated person and a company operating in the UK, HM Treasury, the Foreign and Commonwealth Office and the Bank of England work closely together to investigate the matter.

Secondary information

Type: Written question
Reference: 5096; 694 c237WA
Session: 2006-07
Notes: Answer received between Monday 10 September and Friday 14 September 2007.
Subjects: Banks Finance EU action Overseas investment Sanctions Zimbabwe
Link: View this Written question on www.publications.parliament.uk