MPs seeking ‘fast-track’ freeze on oligarchs’ assets before formal sanctions
Russian oligarchs suspected of having links to Vladimir Putin could have their UK assets seized even before the British authorities have completed formal steps to impose sanctions, under far-reaching plans tabled for debate in parliament on Monday.
The move – put forward in an amendment to the economic crime bill by former Tory cabinet minister David Davis and backed by a cross-party group of MPs – would, if passed, amount to the toughest action yet to clamp down on illicit Russian cash in the UK.
On Friday the government made a number of moves to toughen the UK sanctions regime after widespread criticism that it has been slower to act than the EU and the US.
Undermining Boris Johnson’s claim that the UK has been leading the way on sanctions, ministers agreed that changes will be made to the economic crime bill to allow the UK to impose sanctions on any individual who has already been targeted by the EU or US.
They also agreed to reduce human rights protections that have until now shielded oligarchs with interests in the UK from sanctions.
The Davis amendment would, however, go much further, effectively setting up a fast-track route to allow the pre-emptive freezing of assets in cases that are merely under “review” but in which all formal legal processes necessary under current law have not been completed.
The cross-party group of MPs that supports the move will meet to discuss tactics before Monday’s Commons debate.
The amendment says that ministers can act against “a person being considered as a subject for sanctions” in such a way that he or she would be prohibited from “selling any assets” or “moving any of their funds out of the United Kingdom”.
This would include land, houses, flats, businesses, yachts or boats and
Read more on theguardian.com
