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Asset Freezing (Compensation) Bill

A Bill to make provision for the imposing of restrictions on assets owned by persons involved in conduct that gives support and assistance to terrorist organisations in the United Kingdom for the purpose of securing compensation for citizens of the United Kingdom affected by such conduct

A

BILL

TO

Make provision for the imposing of restrictions on assets owned by persons involved in conduct that gives support and assistance to terrorist organisations in the United Kingdom for the purpose of securing compensation for citizens of the United Kingdom affected by such conduct.

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

1 Assets owned by persons involved in supporting terrorist organisations

(1) Where assets based in the United Kingdom are frozen under European Union Council Regulations adopted by virtue of Chapter 2 of Title V of the Treaty on European Union and the assets meet the requirement in subsection (3), the Treasury must take all actions necessary to prevent the release of the frozen assets until the circumstances in subsection (5) are met.

(2) The actions referred to in subsection (1) may include putting in place such domestic asset freezing measures, under the Terrorist Asset-Freezing etc. Act 2010, as are necessary to ensure the effective implementation of this Act.

(3) The requirement in subsection (1) is that the assets are owned by persons, including but not limited to state parties, who are or have been involved in conduct that gives support and assistance to terrorist organisations in the United Kingdom.

(4) A person is deemed to be or have been involved in conduct that gives support and assistance to terrorist organisations in the United Kingdom if—

(a) the United Nations Security Council has made a Resolution to that effect; or

(b) the Treasury reasonably believes that the person is or has been involved in conduct to that effect.

(5) The circumstances in subsection (1) are that a settlement has been reached and executed in respect of compensation to be paid to any United Kingdom citizens affected by the conduct referred to in subsection (3).

(6) In this Act—

  • “terrorist organisations in the United Kingdom” means organisations which are based in the United Kingdom, and that the Treasury reasonably believes are or have been involved in terrorist activity, within the meaning of the Terrorist Asset-Freezing etc. Act 2010;

  • “United Kingdom citizen” has the same meaning as in the British Nationality Act 1981.

2 Extent, commencement and short title

(1) This Act extends to England and Wales, Scotland and Northern Ireland.

(2) This Act comes into force on the day on which it is passed.

(3) This Act may be cited as the Asset Freezing (Compensation) Act 2017.


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