Banks: Foreign Trade

(asked on 25th June 2019) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what guidance his Department has issued to foreign-owned banks trading in the UK on the regulation of the use of bank accounts by people on the UN sanctions list.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 3rd July 2019

All banks (foreign or UK owned) operating within the UK’s jurisdiction must comply with financial sanctions regulations that apply in the UK.

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, publishes information and guidance on GOV.UK to inform and assist compliance with financial sanctions regulations.

This includes a consolidated list of individuals and companies designated by the United Nations, the European Union and under the UK’s domestic sanctions regimes.

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