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Written question asked by Layla Moran (Liberal Democrat) on Thursday, 21 April 2022, in the House of Commons. It was due for an answer on Tuesday, 26 April 2022 (named day). It was answered by John Glen (Conservative) on Tuesday, 26 April 2022 on behalf of the Treasury.

Freezing of Assets: Sanctions

Question

To ask the Chancellor of the Exchequer, what the cost to the public purse is of maintaining frozen assets owned by individuals targeted under the Government’s Magnitsky sanctions regime.

Answer

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is the competent authority for financial sanctions in the UK and is responsible for monitoring asset freezes. When an asset freeze is imposed against an individual or entity, any funds or economic resources are to be frozen immediately by the person in possession or control of them. It Is prohibited to deal with the frozen funds or economic resources, belonging to or owned, held or controlled by a designated person, or to make funds or economic resources available, directly or indirectly to, or for the benefit of, a designated person.

An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they confiscated or transferred to OFSI for safekeeping. Any release of frozen assets can only be accomplished legally with a licence from OFSI. The asset freeze will remain in place until the sanctions are lifted.

Secondary information

Type
Written question
Reference
157494
Session
2021-22
Subjects
Sanctions Freezing of assets
Contains statistics
Yes
Link
View this Written question on www.parliament.uk