Egypt: Mubarak Family Assets Debate

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Department: HM Treasury

Egypt: Mubarak Family Assets

Lord Campbell-Savours Excerpts
Wednesday 16th February 2011

(13 years, 10 months ago)

Lords Chamber
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Lord Sassoon Portrait Lord Sassoon
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My Lords, there are a number of potential courses of action, but the principal one now is working with our EU partners, following a similar route to the one that was adopted in relation to Tunisia. My right honourable friend the Chancellor discussed the issue with his colleagues in the context of the ECOFIN meetings earlier this week. EU diplomats are discussing the issue this week and it will be on the agenda of the Foreign Affairs Council meeting on Monday 21 February. It could decide to request the Commission to draw up a regulation similar to the one that was drawn up on Tunisia, which would be enforceable in all EU member states.

Lord Campbell-Savours Portrait Lord Campbell-Savours
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The Minister referred to evidence of misuse of assets. Has any evidence of that nature been drawn to the Government’s attention?

Lord Sassoon Portrait Lord Sassoon
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My Lords, it would be wholly wrong to discuss individual cases. Indeed, it is a matter for the police and the Serious Organised Crime Agency, because in parallel to what I have described as the EU route is the principal relevant UK legislation, the Proceeds of Crime Act 2002. Under that Act, it is for the police and SOCA to initiate as they see fit, and not for the Government to direct, any action on criminal activity that relates to proceeds of crime or money laundering.