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419038
star this property registered interest false more like this
star this property date less than 2015-09-16more like thismore than 2015-09-16
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services: Regulation more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what plans he has to bring forward legislation to regulate (a) digital currencies, (b) crowdfunding and (c) peer-to-peer lending. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
star this property uin 10491 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>At the March Budget, the Government said it would consult on how to regulate digital currency exchanges in the new Parliament.</p><p>Operating a P2P platform has been an activity regulated by the Financial Conduct Authority (FCA) since 2014. Crowdfunding is also a Regulated Activity and is subject to FCA rules.</p> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T14:17:54.447Zmore like thismore than 2015-10-12T14:17:54.447Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
1586
star this property label Biography information for Adam Afriyie more like this
419041
star this property registered interest false more like this
star this property date less than 2015-09-16more like thismore than 2015-09-16
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services: Islam more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what progress his Department has made on the introduction of an Islamic bond. more like this
star this property tabling member constituency Hendon more like this
star this property tabling member printed
Dr Matthew Offord more like this
star this property uin 10496 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>In June last year the UK became the first country outside of the Islamic world to issue sovereign Sukuk, the Islamic equivalent of bonds, cementing Britain’s position as the western hub for Islamic finance.</p><p>The £200 million of Sukuk will mature in 2019. They were sold to investors based in the UK and in the major hubs for Islamic finance around the world.</p><p>The Sukuk received very strong demand, delivering good value for the taxpayer. Orders for the Sukuk totalled around £2.3 billion.</p> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T14:32:13.317Zmore like thismore than 2015-10-12T14:32:13.317Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4006
star this property label Biography information for Dr Matthew Offord more like this
419043
star this property registered interest false more like this
star this property date less than 2015-09-16more like thismore than 2015-09-16
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Financial Services: Technology more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps he is taking to attract international FinTech companies to the UK. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
star this property uin 10494 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The Government is committed to making the UK the leading global FinTech hub, and has announced a large number of policy initiatives, including more supportive regulatory regimes for peer-to-peer, digital currencies, and other innovative firms.</p><p>The Government built on this record at the Summer Budget. First, Eileen Burbidge was appointed as the UK’s ‘Special Envoy for FinTech’, where she will represent UK interests in FinTech at home and around the world. Second, an international FinTech benchmarking exercise was announced to measure the UK’s performance and identify areas of best practice from around the world.</p> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T14:34:55.627Zmore like thismore than 2015-10-12T14:34:55.627Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
1586
star this property label Biography information for Adam Afriyie more like this
419048
star this property registered interest false more like this
star this property date less than 2015-09-16more like thismore than 2015-09-16
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Bank Cards: Fees and Charges more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what data was used to assess the effect on merchants of exempting three party card schemes from interchange fee regulation as part of the EU Multilateral Interchange Fees regulation. more like this
star this property tabling member constituency North Antrim more like this
star this property tabling member printed
Ian Paisley more like this
star this property uin 10399 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The European Interchange Fee Regulation is directly applicable to UK law. The exemption for three party schemes was part of the European Commission’s original proposal, which can be found here:</p><p>www.eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52013PC0550&amp;from=EN</p><p>The final Regulation was agreed by the European Parliament, the European Commission and the European Council in March this year.</p> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T14:18:58.503Zmore like thismore than 2015-10-12T14:18:58.503Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4129
star this property label Biography information for Ian Paisley more like this
419055
star this property registered interest false more like this
star this property date less than 2015-09-16more like thismore than 2015-09-16
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Exchange Rates more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Governor of the Bank of England on the exchange rate of sterling. more like this
star this property tabling member constituency East Lothian more like this
star this property tabling member printed
George Kerevan more like this
star this property uin 10511 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The Chancellor of the Exchequer has frequent discussions with the Governor of the Bank of England on a wide range of issues relating to the UK economy.</p> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T13:38:46.023Zmore like thismore than 2015-10-12T13:38:46.023Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4416
star this property label Biography information for George Kerevan more like this
419059
star this property registered interest false more like this
star this property date less than 2015-09-16more like thismore than 2015-09-16
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Remittances: Somalia more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what steps his Department is taking to ensure remittances flow through secure and accessible channels to Somalia. more like this
star this property tabling member constituency Hendon more like this
star this property tabling member printed
Dr Matthew Offord more like this
star this property uin 10462 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The Treasury has worked closely with industry and regulators to ensure that remittances continue to flow from the UK to Somalia.</p><p>The Treasury plays a leading role in the Action Group on Cross-Border Remittances, which brings together participants from industry, Government, regulators and international partners to maintain a continued dialogue on the withdrawal of banking services from the money service business sector, in order to develop a shared understanding of the expectations of all parties and help support remittance flows.</p><p>Over the past two years, the Action Group has overseen a number of initiatives to boost compliance in the Money Service Business (MSB) sector, and to give greater confidence to banks offering services to this sector:</p><ul><li><p>The group has worked closely with the supervisors to develop revised guidance for the MSB sector, and for those offering banking services to the sector, including a statement from the Financial Conduct Authority (FCA) in April 2015 clarifying the FCA’s expectations with regards to Banks’ management of money-laundering risk.</p></li><li><p>The National Crime Agency has worked collaboratively with the banking and MSB sectors to improve understanding and manage risk.</p></li><li><p>Her Majesty’s Revenue and Customs (HMRC), the supervisor of MSBs, more than doubled the number of compliance visits to MSBs in 2014, and launched an e-learning product to improve MSBs’ understanding of their obligations under the Money Laundering Regulations.</p><p>Alongside this work in the UK, the Government is also supporting targeted capacity building in Somalia, delivered through the World Bank. This includes a specific focus on improving regulation of the Somali remittance sector and supporting the drafting and introduction of necessary financial crime legislation. This goes hand-in-hand with our longer term programme to support the formalisation of the financial sector in Somalia.</p><p>These actions both in the UK and Somalia are intended to safeguard the vital remittances that flow between the two countries. The Action Group continues to monitor UK-Somalia remittance corridor closely and is reassured that there is currently no evidence to date of an interruption in the flow of remittances between the UK and Somalia, or any significant increase in remittance costs. This is a resilient and responsive market and the Government remains committed to supporting it and the diaspora communities that rely on these services.</p><p>Updates on the work of the Action Group can be found on the gov.uk website:</p><p>https://www.gov.uk/government/groups/action-group-on-cross-border-remittances</p></li></ul>
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T14:25:56.807Zmore like thismore than 2015-10-12T14:25:56.807Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4006
star this property label Biography information for Dr Matthew Offord more like this
419456
star this property registered interest false more like this
star this property date less than 2015-09-17more like thismore than 2015-09-17
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Money Laundering more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of shell companies being used to invest corrupt money in the UK in each of the last 10 years; and what steps he plans to take to tighten related money laundering regulations. more like this
star this property tabling member constituency West Aberdeenshire and Kincardine more like this
star this property tabling member printed
Stuart Blair Donaldson more like this
star this property uin 10587 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The opaque nature of such structures means that we are unable to produce an accurate estimate of how many are used to invest corrupt money in the UK. That is one reason why the Prime Minister put beneficial ownership transparency at the heart of the UK’s G8 Presidency in 2013. The Small Business, Enterprise and Employment Act received Royal Assent earlier this year and established a public register of company beneficial ownership information. This register will be operational from June 2016. The Act also abolished bearer shares and introduced a requirement for all company directors to be natural persons.</p><p>In Europe, we worked hard during the negotiation of the 4<sup>th</sup> Anti-Money Laundering Directive to encourage European partners to match our level of ambition to ensure that criminal activity would not simply be displaced. The Directive was formally adopted in June 2015 and requires all Member States to implement central registers of company beneficial ownership will access for competent authorities, obliged entities and those with a legitimate interest. Member states have until June 2017 to transpose these requirements.</p><p>The Government is continuing to take strong action to make the UK a hostile environment for corrupt money and to make it increasingly difficult for criminals to abuse corporate structures. We will shortly publish the UK’s first National Risk Assessment of Money Laundering and Terrorist Financing and have committed to publishing an Anti-Money Laundering Action Plan to address those issues which are highlighted by the National Risk Assessment.</p>
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T13:44:54.113Zmore like thismore than 2015-10-12T13:44:54.113Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4377
star this property label Biography information for Stuart Blair Donaldson more like this
419466
star this property registered interest false more like this
star this property date less than 2015-09-17more like thismore than 2015-09-17
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Freezing of Assets: Syria more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assets of (a) President Assad and (b) the Syrian government have been frozen in the UK; and what the value is of those assets. more like this
star this property tabling member constituency Walsall South more like this
star this property tabling member printed
Valerie Vaz more like this
star this property uin 10552 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>In view of the situation in Syria, Council Regulation (EU) No 36/2012 of 18 January 2012 imposed an asset freeze against listed Syrian individuals and entities. The EU Regulation, which has direct effect in the UK, requires that all funds and economic resources belonging to, owned, held or controlled by listed persons are frozen.</p><p>Those listed under this regime include natural and legal persons, entities and bodies who have been identified as being responsible for the violent repression against the civilian population in Syria, persons and entities benefiting from or supporting the regime, and natural or legal persons associated with them. These persons and entities include, but are not limited to, President Assad and several members and agencies of the Syrian government.</p><p>The approximate aggregate value of funds frozen in UK jurisdiction under EU Regulation 36/2012 is £151,080,000 (based on an annual audit in September 2014). These funds continue to belong to the individuals and entities listed under the Regulation and are not seized or otherwise held by HM Government.</p><p>The Regulation states that HM Treasury can use this information only for the purpose for which it was provided. In order to comply with this requirement, and to comply with UK data protection law, the figure is provided on an aggregate basis so as not to disclose data relating to funds held by particular individuals or entities.</p><p>HM Treasury publishes the names of those subject to EU financial sanctions on the Consolidated List of Financial Sanctions Targets in the UK, which can be found on the gov.uk website.</p>
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T13:42:04.137Zmore like thismore than 2015-10-12T13:42:04.137Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4076
star this property label Biography information for Valerie Vaz more like this
419474
star this property registered interest false more like this
star this property date less than 2015-09-17more like thismore than 2015-09-17
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Public Finance more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment he has made of where the compensating permanent deficit or deficits will appear in the national income accounts as a result of his Department sustaining a permanent budget surplus. more like this
star this property tabling member constituency East Lothian more like this
star this property tabling member printed
George Kerevan more like this
star this property uin 10585 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>In the UK National Accounts, the income and expenditure of different sectors (household, corporate, public sector, and the rest of the world) imply paths for each sector’s net lending or borrowing. By identity, these must sum to zero as for each borrower there must be a lender.</p><p>If the public sector were to run a budget surplus, there would be an offsetting change in the net lending position of one of the household, corporate and the rest of the world sectors. More information is available in the latest OBR Economic and Fiscal Forecast (July 2015). A link to the information is provided below:</p><p><a href="http://budgetresponsibility.org.uk/economic-fiscal-outlook-july-2015/" target="_blank">http://budgetresponsibility.org.uk/economic-fiscal-outlook-july-2015/</a></p> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T14:33:19.873Zmore like thismore than 2015-10-12T14:33:19.873Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4416
star this property label Biography information for George Kerevan more like this
419475
star this property registered interest false more like this
star this property date less than 2015-09-17more like thismore than 2015-09-17
star this property answering body
HM Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Royal Bank of Scotland more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, what assessment he has made of allegations of unusual volumes of short selling of RBS shares in the period immediately before the August 2015 share offering by UKFI. more like this
star this property tabling member constituency East Lothian more like this
star this property tabling member printed
George Kerevan more like this
star this property uin 10586 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer remove filter
star this property answer text <p>The Chancellor and UK Financial Investments (UKFI) take the allegations of unusual volumes of short selling of RBS shares very seriously. UKFI have analysed the volume of shares on loan in the period immediately before the August 2015 share offering.They have concluded that the increase in the volume of shares on loan ahead of the sale was not material, and did not impact on the final price achieved.</p> more like this
star this property answering member constituency West Worcestershire more like this
star this property answering member printed Harriett Baldwin more like this
star this property question first answered
less than 2015-10-12T13:39:49.4Zmore like thismore than 2015-10-12T13:39:49.4Z
star this property answering member
4107
star this property label Biography information for Harriett Baldwin remove filter
star this property tabling member
4416
star this property label Biography information for George Kerevan more like this