Overview

This bill allows the UK government to freeze the assets of individuals or entities involved in supplying arms to terrorist organizations within the UK. The purpose is to secure compensation for UK citizens harmed by the supply of these arms.

Description

The Asset Freezing (Compensation) Bill empowers the Treasury to freeze assets based in the UK belonging to individuals or groups deemed to have supplied arms (including explosives) to terrorist organizations operating within the UK. This action is permissible if:

• The assets are frozen under existing EU regulations based on the Treaty on European Union.
• The United Nations Security Council has passed a resolution stating the involvement of the asset owner in supplying arms to terrorist groups, or
• The Treasury reasonably believes the asset owner was involved in such activity.

Frozen assets will remain frozen until a compensation settlement is reached for UK citizens affected by the supply of arms. The bill defines "terrorist organizations in the United Kingdom" and "United Kingdom citizen" according to existing legislation (Terrorist Asset-Freezing etc. Act 2010 and British Nationality Act 1981 respectively). The bill applies to the whole of the UK and comes into effect upon passing.

Government Spending

The bill does not directly specify government spending. However, it could lead to administrative costs associated with asset freezing, legal proceedings, and compensation payouts. The financial impact will depend on the number of cases, the value of frozen assets, and the amount of compensation awarded.

Groups Affected

• Individuals and entities involved in supplying arms to terrorist organisations in the UK: Their assets in the UK will be frozen.
• UK citizens affected by the supply of arms to terrorist organisations: They may receive compensation.
• The Treasury: Responsible for implementing the asset freezing measures and managing compensation claims.

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