Context
The MP is concerned about the measures taken against illicit financial activities, particularly in light of recent events involving Russian oligarchs.
Question
What steps he is taking to tackle illicit finance. But it took a group of anarchists to seize Deripaska's London mansion yesterday, so when will the Minister do what Europe and America have already done and seize rather than just freeze Putin's cronies' assets? When will he close the loopholes that still allow them to escape sanction by putting their assets in their family members' names or using shell companies based in British overseas territories?
Answer from John Glen
We continue to review and reform our regulatory and enforcement approach. We have announced an unprecedented package of sanctions, including against prominent Russian oligarchs. Last night, we brought forward the Economic Crime (Transparency and Enforcement) Act 2022 to crack down further. The Government have worked closely with the US and the EU on a whole range of interventions, including sanctioning 500 individuals and entities, cutting off 3 million Russian companies from capital markets, and seeing $250 billion wiped of Russian stocks.
Not addressed: The Minister did not address the specific requests to seize assets or close loopholes.
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