Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of bringing forward legislative proposals to place on a statutory footing the ability to redirect a portion of funds recovered from sanctions violations penalties to provide reparations for survivors of (a) human rights and (b) humanitarian law violations.

The Office of Financial Sanctions Implementation (OFSI) is responsible for issuing civil monetary penalties for breaches of financial sanctions. OFSI maintains a robust and effective toolkit for responding to breaches of financial sanctions, of which monetary penalties remain a key component. Monetary penalties are not always the most appropriate enforcement outcome. Many cases are resolved privately through warning letters, other advice to firms or referrals to regulators.

The money collected from monetary penalties is deposited into the Consolidated Fund, in line with the general principles applying to the treatment of fines or other penalties imposed by public bodies in central government. OFSI currently has no plans to change this system.