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Ministry of Defence Financial Update

16 March 2022

Proposing MP
Ben Wallace Con
Wyre and Preston North
Type
Written Ministerial Statement
Department
Ministry of Defence
View on Parliament.uk -->

At a Glance

Issue Summary

Mr Ben Wallace is addressing the payment of £393.8 million to discharge a debt owed by International Military Services Limited (IMS) to the Iranian government.

Action Requested

The payment reflects the UK Government’s commitment to meet international obligations while adhering to sanctions and anti-money laundering legislation to ensure funds are used appropriately, such as for humanitarian goods.

Key Facts

  • £393.8 million authorised on Thursday 10th March 2022.
  • Debt owed by International Military Services Limited (IMS) to the Iranian government due to contracts signed before the revolution.
  • Payment of debt is in accordance with applicable sanctions and anti-money laundering legislation.
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