Economic Crime (Transparency and Enforcement) Bill — New Clause 29 — Asset Freezing in Respect of Individuals Considered for Sanctions — 7 Mar 2022 at 21:34

The majority of MPs voted not to forbid individuals named as being considered as a subject of sanctions from selling their assets or moving funds or assets out of the UK.

MPs were considering the Economic Crime (Transparency and Enforcement) Bill.^[1][2][3]

The proposed new clause rejected by a majority of MPs in this vote was titled: Asset freezing in respect of individuals considered for sanctions and began:

• (1) The Secretary of State may by notice publish the name of a person being considered as a subject for sanctions.
• (2) A person in respect of whom a notice has been published under subsection (1) is immediately subject to the provisions of this section.
• (3) A person in respect of whom a notice has been published under subsection (1) is prohibited from—
• (a) selling any assets they own or have an interest in,
• (b) moving any assets they own or have an interest in out of the United Kingdom, or
• (c) moving any of their funds out of the United Kingdom.
• (4) ‘Assets’ in subsection (3)(a) or (b) includes (but is not limited to)—
• (a) land;
• (b) houses, flats or other private accommodation;
• (c) commercial, industrial, agricultural and other buildings, premises or property;
• (d) businesses;
• (e) personal possessions, works of art, jewellery or collectibles with an individual value of more than £500;
• (f) motor vehicles;
• (g) yachts or boats; and
• (h) aircraft.
• ...

The rejected new clause continued with definitions and provisions for related offences.

The rejected new clause was accompanied by the following explanatory statement from its proposer:

• This new clause would prevent individuals whom the Secretary of State has named as being considered as a subject for sanctions from selling their assets or moving funds or assets out of the UK.

The explanatory notes to the Bill^[3] state:

• Sanctions are an important foreign policy and national security tool. They are restrictive measures which are designed to be temporary and can be used to coerce a change in behavior, to constrain behavior, or to communicate a clear political message to other countries or persons.

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• [1] Parliament's webpage on the Economic Crime (Transparency and Enforcement) Bill, Parliament.uk
• [2] Economic Crime (Transparency and Enforcement) Bill, as introduced 1 March 2022, Parliament.uk
• [3] Explanatory notes to the Economic Crime (Transparency and Enforcement) Bill, as introduced 1 March 2022, Parliament.uk

Debate in Parliament |