Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department is taking steps with Cabinet colleagues to investigate whether the transfer of (a) funds and (b) properties in the UK by families of Russian oligarchs is done to evade sanctions.

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, assesses all reported breaches of financial sanctions regulations. Regulations prohibit any person intentionally acting to circumvent prohibitions, or enabling and facilitating breaches of financial sanctions. Financial institutions and estate agents are considered relevant firms under the regulations and therefore have additional obligations, including to report frozen assets and any suspected breaches they are aware of.

OFSI is able to utilise a variety of enforcement powers should investigations prove a breach has occurred, including publicising breaches and imposing a civil monetary penalty where cases meet the threshold. The National Crime Agency investigates the most serious evasion of sanctions and associated money laundering.