New Clause 29: Economic Crime (Transparency and Enforcement) Bill
New Clause 29 - Asset freezing in respect of individuals considered for sanctions
“(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.)