Treasury written question – answered at on 3 July 2019.
Ian Paisley Jnr
Shadow DUP Spokesperson (Communities and Local Government), Shadow DUP Spokesperson (Culture, Media and Sport)
To ask the Chancellor of the exchequer, what guidance his Department has issued to foreign-owned banks trading in the UK on the regulation of the use of bank accounts by people on the UN sanctions list.
John Glen
Minister of State (Treasury) (City), The Economic Secretary to the Treasury
All banks (foreign or UK owned) operating within the UK’s jurisdiction must comply with financial sanctions regulations that apply in the UK.
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, publishes information and guidance on GOV.UK to inform and assist compliance with financial sanctions regulations.
This includes a consolidated list of individuals and companies designated by the United Nations, the European Union and under the UK’s domestic sanctions regimes.
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
