Parliamentary Search

Written question asked by Baroness Brown of Silvertown (Labour) on Tuesday, 20 September 2022, in the House of Commons. It was due for an answer on Thursday, 22 September 2022. It was answered by Andrew Griffith (Conservative) on Thursday, 29 September 2022 on behalf of the Treasury.

Teodoro Nguema

Question

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what estimate he has made of the (a) financial value of assets linked to Teodoro Obiang Mangue that have been frozen in the UK since his Department’s announcement of sanctions against that individual and (b) the number of (i) fines imposed for breaches and (ii) other enforcement actions taken in relation to that asset freeze.

Answer

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, undertakes an annual review of frozen assets in the UK, requiring all persons or institutions that hold or control frozen assets in the UK to report to OFSI. Details of assets reported to OFSI in 2021 are not yet available and will be published in OFSI’s 2021-2022 Annual Review later this autumn. This figure will be provided on an aggregate basis so as not to disclose the value of funds held by particular individuals, consistent with data protection obligations.

OFSI’s website holds details of all monetary penalties it has imposed. OFSI does not comment further on enforcement activity so as not to compromise its operational effectiveness. The relevant page can be found here: https://www.gov.uk/government/collections/enforcement-of-financial-sanctions

Secondary information

Type
Written question
Reference
51561
Session
2022-23
Subjects
Assets Fraud Sanctions Equatorial Guinea Nguema, Teodoro
Contains statistics
Yes
Link
View this Written question on www.parliament.uk