Overview

This bill aims to prevent the release of frozen assets belonging to individuals or entities supporting terrorist organizations within the UK until compensation is paid to UK citizens harmed by their actions. The bill uses existing powers to freeze assets and ties the release of those assets to the successful compensation of victims.

Description

The Asset Freezing (Compensation) Bill empowers the Treasury to maintain the freeze on assets of those involved in supporting UK-based terrorist organizations, as defined by the UN Security Council or the Treasury's reasonable belief. This freeze will remain in place until compensation is provided to UK citizens affected by the supporting entities' conduct.

Asset Freezing

The bill utilizes existing UK legislation (Terrorist Asset-Freezing etc. Act 2010) and EU regulations to freeze assets. The Treasury is mandated to take all necessary steps to prevent the release of these frozen assets.

Compensation

The release of frozen assets is contingent on a settlement being reached and executed, providing compensation to UK citizens affected by the terrorist supporting activities.

Definitions

The bill defines "terrorist organisations in the United Kingdom" and "United Kingdom citizen" using existing legal definitions from the Terrorist Asset-Freezing etc. Act 2010 and the British Nationality Act 1981 respectively.

Government Spending

The bill does not directly allocate any new government spending. The cost of implementing the bill's provisions would likely fall under existing budgets for counter-terrorism and law enforcement. No specific figures are provided in the bill text.

Groups Affected

The bill directly impacts several groups:

• Individuals and entities supporting terrorist organizations: Their assets will remain frozen until compensation is paid to victims.
• UK citizens affected by terrorism: They are entitled to compensation, which triggers the release of frozen assets.
• The Treasury: Responsible for implementing the bill's measures.
• Law enforcement agencies: Involved in enforcing asset freezes.

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