New Clause 29 - Asset freezing in respect of individuals considered for sanctions

Economic Crime (Transparency and Enforcement) Bill – in the House of Commons at 9:34 pm on 7th March 2022.

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Votes in this debate

  • Division number 208
    A 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.

“(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.

(5) ‘Funds’ in subsection (3)(c) means financial assets and economic benefits of any kind, including (but not limited to)—

(a) gold, cash, cheques, claims on money, drafts, money orders and other payment instruments;

(b) deposits with relevant institutions or other persons, balances on accounts, debts and debt obligations;

(c) publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivative products;

(d) interest, dividends or other income on or value accruing from or generated by assets;

(e) credit, rights of set-off, guarantees, performance bonds or other financial commitments;

(f) (letters of credit, bills of lading, bills of sale; and

(g) documents providing evidence of an interest in funds or financial resources.

(6) A person who breaches any prohibition under this section commits an offence.

(7) A person who engages in an activity knowing or intending that it will enable or facilitate the commission by another person of an offence under paragraph (6) commits an offence.

(8) A person guilty of an offence under subsection (6) is liable—

(a) on conviction on indictment, to imprisonment for a term not exceeding two years or to a fine or to both;

(b) on summary conviction—

(i) to imprisonment for a term not exceeding six months; or

(ii) to a fine which in Scotland or Northern Ireland may not exceed the statutory maximum,

or to both.

(9) A person guilty of an offence under subsection (7) is liable on summary conviction—

(a) to imprisonment for a term not exceeding six months; or

(b) to a fine which in Scotland or Northern Ireland may not exceed level 5 on the standard scale,

or to both.”—(Mr David Davis.)

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.

Brought up.

Question put, That the clause be added to the Bill.

The Committee proceeded to a Division.

Photo of Nigel Evans Nigel Evans Deputy Speaker (Second Deputy Chairman of Ways and Means)

Order. I understand that some pass readers in the No Lobby are not working, so we are extending the time by which people are able to vote by another two minutes. [Hon. Members: “No!”] That is right—the No Lobby.

Division number 208 Economic Crime (Transparency and Enforcement) Bill — New Clause 29 — Asset Freezing in Respect of Individuals Considered for Sanctions

A 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.

Aye: 234 MPs

No: 299 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

Absent: 113 MPs

Absents: A-Z by last name

The Committee having divided: Ayes 234, Noes 300.

Question accordingly negatived.

Schedules 1 and 2 agreed to.