On 23 February, the Financial Action Task Force (FATF) expressed its concern about the growing financial connectivity of Russia with countries subject to countermeasures, namely North Korea and Iran, and the potential risks of proliferation financing, malicious cyber activities and ransomware attacks.<\/p>
The UK\u2019s recent joint statement (12 January 2024) is clear that Russia\u2019s procurement of North Korean ballistic missiles and their use against Ukraine violate multiple UNSCRs. Actively facilitating the circumvention of UNSCR 1718 and violating its prohibitions undermines the global fight against proliferation, the UN sanctions regime, and consequently the financial sanctions requirements of the FATF standards. The UK will continue to call out Russia\u2019s violation of UNSCRs both at the UN and within the FATF.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2024-03-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-05T12:28:19.163Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-02-28", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Sanctions: Russia"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government whether they are taking steps through the Financial Action Task Force against Russia for violating sanctions on North Korea.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"} } , "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"} ], "uin" : "HL2823"} , {"_about" : "http://data.parliament.uk/resources/1676099", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1676099/answer", "answerText" : {"_value" : "
In conjunction with our partners, we have immobilised approximately $280 billion of the Russian Central Bank\u2019s (CBR) foreign currency reserves globally. The CBR\u2019s assets are not subject to an asset freeze but have been immobilised in the UK as it is prohibited to provide financial services in respect of these assets. HM Treasury is working closely with relevant authorities to map the scale and nature of these assets.<\/p>
<\/p>
The Government will legislate to require persons to inform HM Treasury if they hold any foreign exchange reserves or assets in the UK on behalf of the Central Bank of Russia, Russian Ministry of Finance or Russian National Wealth Fund.<\/p>
<\/p>
Separately, the Government has imposed asset freezes against designated persons under the Russia Sanctions regime. Between February and October 2022, £18.39 billion in frozen funds were reported to the Office of Financial Sanctions Implementation (OFSI) in relation to this regime.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2023-12-18", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-18T13:01:29.85Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-12-06", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Assets: Russia"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what estimate they have made of the total value of Russian state assets in the UK.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"} } , "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"} ], "uin" : "HL904"} , {"_about" : "http://data.parliament.uk/resources/1538932", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1538932/answer", "answerText" : {"_value" : "
HM Treasury works closely with the UK\u2019s independent financial regulators - including the Bank of England and Financial Conduct Authority to monitor risks to the UK financial system.<\/p>
<\/p>
The Government does not comment on specific financial market movements. However, the results of the Bank of England's 2021 stress test concluded that the UK banking sector is resilient to a sharp contraction in both China and Hong Kong's economic activity.<\/p>
<\/p>
Figures from the Office for National Statistics estimate that UK investors owned around £409bn of investment in China and Hong Kong at the end of 2021- or around 3% of the UK\u2019s total investment held overseas. This compares to £4.3tn of investment held in the USA and £4.6tn in the EU.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4726", "label" : {"_value" : "Biography information for Baroness Penn"} } , "answeringMemberPrinted" : {"_value" : "Baroness Penn"} , "dateOfAnswer" : {"_value" : "2022-11-16", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-11-16T17:06:03.583Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-11-02", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Overseas Investment: China"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what assessment they have made of the exposure of UK investors to Chinese government bonds and stocks following the fall of the Hang Seng Index; and what holdings they currently have in the (1) Hong Kong dollar, and (2) Renminbi.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"} } , "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"} ], "uin" : "HL3136"} , {"_about" : "http://data.parliament.uk/resources/1488539", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1488539/answer", "answerText" : {"_value" : "
The Government has no plans to hold the next 11th<\/sup> UK-China Economic and Financial Dialogue before the appointment of the next Prime Minister.<\/p> <\/p> Economic and Financial Dialogues remain an important mechanism for progressing our economic, financial and trade relationships.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4726", "label" : {"_value" : "Biography information for Baroness Penn"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Penn"}
, "dateOfAnswer" : {"_value" : "2022-07-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-07-21T11:36:08.79Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-07-12", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Economic Cooperation: China"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government whether they intend to hold the 11th UK\u2013China Economic and Financial Dialogue before the appointment of the next Prime Minister; and if so, what are the reasons for making such arrangements.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL1661"}
, {"_about" : "http://data.parliament.uk/resources/1488541", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1488541/answer", "answerText" : {"_value" : " Economic and Financial Dialogues (EFDs) provide an important mechanism for progressing our economic, financial and trade relationships. No date has been agreed for the next UK-China EFD.<\/p> We have been clear that we will not hesitate to stand up to China on our values where they are threatened.<\/p> The UK has led international efforts at the UN to hold China to account for its human rights violations in Xinjiang. We have imposed sanctions, including asset freezes and travel bans, on senior Chinese officials and taken steps to help ensure that no UK organisations are complicit in these violations through their supply chains. As a co-signatory to the Joint Declaration, we will continue to stand up for the people of Hong Kong, to call out the violation of their freedoms, and to hold China to their international obligations.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4726", "label" : {"_value" : "Biography information for Baroness Penn"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Penn"}
, "dateOfAnswer" : {"_value" : "2022-07-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-07-21T11:36:35.853Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-07-12", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "China: Politics and Government"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government, in arrangements for the 11th UK\u2013China Economic and Financial Dialogue, what consideration they have given to (1) reports that the Foreign Secretary described events in Xinjiang as a \u201cgenocide\u201d, (2) threats to the territorial integrity of Taiwan, and (3) the statement by the Foreign, Commonwealth and Development Office in the Six-monthly report on Hong Kong, published on 31 March, that \u201cfundamental parts of the \u2018One Country, Two Systems\u2019 framework have been undermined\u201d.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL1663"}
, {"_about" : "http://data.parliament.uk/resources/1465586", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1465586/answer", "answerText" : {"_value" : " Relevant firms are legally obliged to report to the Office of Financial Sanctions Implementation (OFSI) if they hold frozen assets of a designated person or entity they suspect to be on the list of asset freeze targets. OFSI is currently receiving a high volume of reporting about assets being frozen relating to sanctions imposed since Russia's invasion of Ukraine. This information is being collated and assured. Fuller details will be released in due course and will mark a substantial increase on previous assets reported as frozen under Russia sanctions.<\/p> <\/p> With our international allies, we have introduced the largest and most severe economic sanctions that Russia has ever faced. These coordinated sanctions will continue to go deeper, broader and sharper, with a focus on those that can have the biggest impact.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4726", "label" : {"_value" : "Biography information for Baroness Penn"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Penn"}
, "dateOfAnswer" : {"_value" : "2022-06-07", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-06-07T11:25:44.12Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-05-24", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Freezing of Assets: Russia"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government what is the estimated value of Russian assets frozen to date; what further consideration are they giving to other assets that should be subjected to freezing orders; and what is the estimated value of those assets.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL468"}
, {"_about" : "http://data.parliament.uk/resources/1435366", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1435366/answer", "answerText" : {"_value" : " The information requested cannot be provided.<\/p> <\/p> HMRC has a legal duty to maintain the confidentiality of taxpayer information and disclosing information to persons outside of HMRC is only allowed in a limited number of circumstances. These are set out in Section 18 of the Commissioners of Revenue and Customs Act 2005.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4726", "label" : {"_value" : "Biography information for Baroness Penn"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Penn"}
, "dateOfAnswer" : {"_value" : "2022-03-07", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-03-07T14:28:45.847Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-02-24", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Hikvision: Corporation Tax"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government how much corporation tax Hikvision paid to the Exchequer in (1) 2021, (2) 2020, (3) 2019, and (4) 2018.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL6408"}
, {"_about" : "http://data.parliament.uk/resources/1379739", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1379739/answer", "answerText" : {"_value" : "Ministers and officials meet with a wide range of stakeholders in the course of normal business. Details of all official meetings by ministers are published on www.gov.uk<\/a>. "}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2021-11-30", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-11-30T17:47:06.867Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-11-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Companies: China"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government how many Chinese companies have representatives participating in advisory groups convened by HM Treasury; and how many meetings Treasury (1) ministers, and (2) officials, had Chinese companies in the last year.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL4119"}
, {"_about" : "http://data.parliament.uk/resources/1362384", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1362384/answer", "answerText" : {"_value" : " The Government does not comment on the financial positions of individuals.<\/p> <\/p> In its October 2021 record, the Financial Policy Committee of the Bank of England noted that \u201cthe interim results of the 2021 Solvency Stress Test indicate that the UK banking system is resilient to the direct effects of a severe downturn in China and Hong Kong, and sharp adjustments in global asset prices\u201d.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2021-11-04", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-11-04T15:46:12.217Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-10-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Assets and Bank Services: Hong Kong"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government what assessment they have made, if any, of (1) UK assets and bank accounts owned by officials of the government of Hong Kong, and (2) the UK property market\u2019s exposure to the Evergrande liquidity crisis.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL3263"}
, {"_about" : "http://data.parliament.uk/resources/1362385", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1362385/answer", "answerText" : {"_value" : "The Government does not assess the number of officials of the government of Hong Kong whose families hold UK citizenship. The Government does not comment on the financial positions of individuals."}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2021-11-04", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-11-04T15:45:39.053Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-10-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Assets: China and Hong Kong"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government what assessment they have made of the number of officials of the government of Hong Kong whose families hold UK citizenship; and what plans they have, if any, to audit the UK assets of officials of the governments of (1) Hong Kong, and (2) China.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/738", "label" : {"_value" : "Biography information for Lord Alton of Liverpool"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Alton of Liverpool"}
], "uin" : "HL3264"}
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