Diana Johnson – 2015 Parliamentary Question to the Home Office

The below Parliamentary question was asked by Diana Johnson on 2015-11-13.

To ask the Secretary of State for the Home Department, what steps she is taking to ensure companies or individuals suspected of funding ISIL through oil trades do not operate or transfer money through the UK financial system; and what steps she has taken to assess whether such steps have been effective.

Mr John Hayes

International engagement is a key part of the UK’s strategy for countering the financing of terrorism and the UK is part of the Global Coalition working together to dismantle and destroy the threat from ISIL. Denying ISIL access to revenue and funding for its ambitions of statehood is a core part of the Global Coalition’s strategy to defeat ISIL.

The Government works closely with law enforcement and industry bodies such as the British Bankers’ Association. We also work bilaterally with international partners, and with multilateral institutions such as the Financial Action Task Force, to build international capacity the financing of terrorism.

The recent Home Office and HM Treasury National Risk Assessment of money laundering and terrorist financing (published 15 October – https://www.gov.uk/government/publications/uk-national-risk-assessment-of-money-laundering-and-terrorist-financing) gave a clear and candid assessment of the current overall situation. It found that while the UK’s response to terrorist financing risks is well developed, more could be done to strengthen our regime. The Government will take forward comprehensive work to address these findings through a new cross-Government Action Plan.