HM Treasury has launched a public consultation on the Terrorist Asset-Freezing Bill (the draft Bill), which was published in draft on 5 February 2010. The draft Bill will implement the asset-freezing regime established under UN Security Council Resolution 1373, 28 September 2001 (UNSCR 1373 (2001)), replacing the Terrorist Asset-Freezing (Temporary Provisions) Act (the Act). The Act was passed on 10 February 2010 to maintain the current asset-freezing regime until 31 December 2010 following the quashing by the Supreme Court of legislation which implemented UNSCR 1373 (2001) in the UK.
The consultation paper sets out:
- the UK approach to counter-terrorist finance;
- the international framework for action against terrorism;
- the UK approach to terrorist asset freezing;
- the key role played by the financial sector in the effective implementation of asset freezing and the UK’s licensing regime, which allows transactions, where appropriate, that would otherwise be blocked by the asset freeze; and
- the draft bill and its differences to the existing legislation.
Annexed to the consultation paper are the draft Bill and accompanying explanatory notes and a regulatory impact assessment.
The Government is seeking views on its proposed approach to terrorist asset freezing and the current operation of the UK’s asset-freezing regime, particularly:
- whether the draft Bill sets out the most effective way of meeting the UK’s UN obligations and protecting national security whilst also ensuring sufficient safeguards in respect of human rights; and
- whether the Regulatory Impact Assessment accurately reflects the costs and benefits of the regime. Could more be done to reduce the costs for the financial sector and others in implementing the regime whilst maintaining its effectiveness?
The consultation will close on 18 June 2010.
Copies of the consultation paper and the related press release are available.
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