Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many violations there have been of sanctions placed on Russia; and what the value is of fines issued for those violations.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The Government has imposed a wide range of sanctions measures against Russia, including finance, trade and transport. The UK has implemented sanctions against Russia since 2014, following the illegal annexation of Crimea and Sevastopol from Ukraine, and the illegal invasion in 2022.
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is responsible for the civil enforcement of financial sanctions breaches, including the imposition of civil monetary penalties. OFSI does not hold full information on the number of breaches across all sanctions measures against Russia.
Since 2014, the UK has imposed fines totalling more than £20 million on firms for breaching financial sanctions related to Russia. OFSI has a range of enforcement tools it can use, in addition to civil monetary penalties, depending on the severity of the breach. These include issuing a private warning letter, publishing details of the breach but not issuing a penalty or making a referral to regulators.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many individual (a) prosecutions and (b) convictions have taken place under the Money Laundering Regulations by HMRC in each year since 2013.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The majority of businesses supervised by HMRC are compliant and play an important role in our financial system.
Those who fail to comply with the Money Laundering Regulations leave themselves, and the UK economy, open to attacks by criminals. HMRC takes a robust approach to non-compliance and uses a wide range of measures to tackle those who breach the regulations, including civil penalties as well as criminal prosecutions.
HMRC does not publish the data of the number of prosecutions under the Money Laundering Regulations at this granular level.
Our data system does not filter down to a level that would identify the individual as a director.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many directors have been (a) prosecuted and (b) convicted by HMRC under the Money Laundering Regulations since 2013.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The majority of businesses supervised by HMRC are compliant and play an important role in our financial system.
Those who fail to comply with the Money Laundering Regulations leave themselves, and the UK economy, open to attacks by criminals. HMRC takes a robust approach to non-compliance and uses a wide range of measures to tackle those who breach the regulations, including civil penalties as well as criminal prosecutions.
HMRC does not publish the data of the number of prosecutions under the Money Laundering Regulations at this granular level.
Our data system does not filter down to a level that would identify the individual as a director.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many individual (a) prosecutions and (b) convictions there have been under the Money Laundering Regulations by the Financial Conduct Authority in each year since 2013.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. I have however passed the question to them to answer. The FCA will reply directly to the noble Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many directors have been (a) prosecuted and (b) convicted by the Financial Conduct Authority under the Money Laundering Regulations since 2013.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. I have however passed the question to them to answer. The FCA will reply directly to the noble Member by letter. A copy of the letter will be placed in the Library of the House.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 61 of the report of the United Nations Secretary-General on Promotion of inclusive and effective international tax cooperation at the United Nations, published on 8 August 2023, whether the Government has made an assessment of the compatibility of the options in the table with UK tax policy.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The Government believes international cooperation is important in tackling global tax challenges, and actively engages with the OECD’s and UN’s work on tax policy.
The Government is committed to ensuring internationalensuring international tax rules and standards are effective as well as inclusive. To this end, the Government has supported consensus-based reform of the international tax rules through the OECD, including through the G20/OECD Inclusive Framework (with over 130 members) and the Global Forum (with over 160 members), in which non-OECD members participate on an equal footing. This reflects the strong expertise that sits within the OECD and the steps taken in recent years to become ever more inclusive of the needs of developing countries.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government plans to vote in support of initiating multilateral negotiations on a framework convention on tax at the UN General Assembly in November 2023.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The Government believes international cooperation is important in tackling global tax challenges, and actively engages with the OECD’s and UN’s work on tax policy.
The Government is committed to ensuring internationalensuring international tax rules and standards are effective as well as inclusive. To this end, the Government has supported consensus-based reform of the international tax rules through the OECD, including through the G20/OECD Inclusive Framework (with over 130 members) and the Global Forum (with over 160 members), in which non-OECD members participate on an equal footing. This reflects the strong expertise that sits within the OECD and the steps taken in recent years to become ever more inclusive of the needs of developing countries.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government supports the creation of a tax framework at the (a) UN and (b) OECD level.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The Government believes international cooperation is important in tackling global tax challenges, and actively engages with the OECD’s and UN’s work on tax policy.
The Government is committed to ensuring internationalensuring international tax rules and standards are effective as well as inclusive. To this end, the Government has supported consensus-based reform of the international tax rules through the OECD, including through the G20/OECD Inclusive Framework (with over 130 members) and the Global Forum (with over 160 members), in which non-OECD members participate on an equal footing. This reflects the strong expertise that sits within the OECD and the steps taken in recent years to become ever more inclusive of the needs of developing countries.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many (a) financial penalties, (b) public censures and (c) other enforcement measures were taken following investigations by the Financial Conduct Authority into people with (i) senior and (ii) non-senior management functions under the Senior Managers and Certification Regime in (A) 2021-22 and (B) 2022-23.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many investigations were opened by the Financial Conduct Authority into people with (a) senior and (b) non-senior management functions under the Senior Managers and Certification Regime in (i) 2021-22 and (ii) 2022-23.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
These questions are matters for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Right Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.