Steve Barclay

Steve Barclay

Conservative — North East Cambridgeshire

Speaking in the House of Commons on 15 May 2025

Debate

Sanctions Implementation and Enforcement

Contribution

The right hon. Member for Islington South and Finsbury (Emily Thornberry) and I do not agree on many issues, but she is absolutely right to focus on enforcement. Before coming to this place, I was head of sanctions and anti-money laundering at a financial institution, so with respect, I found it a bit naive for the Minister to say in his statement that avoiding sanctions does not pay; these are often very profitable accounts. He also referenced the issue of compliance in his statement, but institutions often say that they are complying by filing suspicious activity reports, safe in the knowledge that insufficient action will be taken. I appreciate that the stock answer is, “We do not comment on individual enforcement cases”, but could the Minister tell us the average cost of a successful prosecution for a sanctions breach, and how many there have been since the Government came to office?

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