Overview

This bill allows the UK government to freeze assets of individuals or entities supporting terrorist organisations within the UK. These frozen assets will be used to compensate UK citizens harmed by the actions of these organisations.

Description

The Asset Freezing (Compensation) Bill empowers the Treasury to freeze assets held in the UK belonging to individuals or groups involved in supporting terrorism, as defined by either a UN Security Council Resolution or the Treasury's reasonable belief. This freezing will continue until compensation has been secured for UK citizens affected by the terrorist activity. The bill specifies that the definition of "terrorist organisation" aligns with that in the Terrorist Asset-Freezing etc. Act 2010. Domestic asset freezing measures will be used under the 2010 Act to implement this bill. The bill applies to England, Wales, Scotland and Northern Ireland and comes into force immediately upon being passed.

Government Spending

The bill does not directly allocate new government spending. Instead, it aims to utilize existing frozen assets to compensate victims of terrorism, therefore reducing the potential need for direct government funding for compensation claims.

Groups Affected

• UK Citizens affected by terrorism: These individuals may receive compensation from the frozen assets.
• Individuals and entities supporting terrorist organisations: Their UK-based assets may be frozen.
• The Treasury: Responsible for implementing the bill's provisions.

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