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Written question asked by Tulip Siddiq (Labour) on Monday, 30 September 2019, in the House of Commons. It was due for an answer on Thursday, 3 October 2019 (named day). It was answered by John Glen (Conservative) on Thursday, 3 October 2019 on behalf of the Treasury.

Office of Financial Sanctions Implementation

Question

To ask the Chancellor of the Exchequer, what licences have been granted by the Office of Financial Sanctions Implementation with regard to transactions between (a) the UK Government and (b) UK companies and the Iranian Ministry of Defence (MODSAF); and what criteria are used by the Office of Financial Sanctions Implementation when granting such an application.

Answer

As the competent authority for the implementation of financial sanctions in the UK, the Office of Financial Sanctions Implementation (OFSI), which is part of HM Treasury, ensures that financial sanctions are properly understood and enforced. A key function of this role is implementing a licensing regime.

OFSI does not publish the details of individual licences granted.

OFSI can only issue licences where there are specific and relevant licensing grounds enabling us to do so, and where the conditions in those grounds have been met. The available grounds can be found in the legislation underpinning each particular financial sanctions regime.

Each licence application requires OFSI to consider the relevant evidence, which it does on a case by case basis before deciding whether to grant a licence.

Further details regarding OFSI’s licensing process can be found in OFSI’s published guidance at the following link: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/685308/financial_sanctions_guidance_march_2018_final.pdf

Secondary information

Type
Written question
Reference
292326
Session
2017-19
Subjects
Companies Defence Licensing Iran Office of Financial Sanctions Implementation
Link
View this Written question on www.parliament.uk