Role of UK’s finance sector in Russian economic sanctions to be scrutinised
Representatives from UK Finance and the Institute of Chartered Accountants in England and Wales (ICAEW) will appear in front of the Committee next Wednesday, as the inquiry into Russian financial sanctions continues.
Meeting details
The Director of Sanctions and Export Controls at UK Finance, Neil Whiley, will appear alongside Mike Miller, Economic Crime Manager at ICAEW.
In the session on Tuesday 14 May, respected global campaigner Bill Browder called the United Kingdom the ‘worst’ country he had encountered when it came to dealing with the flow of Russian money through the British economy.
The Committee is likely to question the witnesses on whether financial services firms are doing enough to implement the United Kingdom’s economic sanctions regime successfully, and whether they are being supported enough by the Government to achieve that.
MPs may choose to probe whether sanctions are having an adverse effect on UK businesses, including the extent to which additional compliance is leading to extra costs.
It’s likely members will want to explore both industries’ view on the possibility of seizing the financial assets of sanctioned Russians with a view to distributing the money to Ukraine to fund their defence.