The Landsbanki Freezing Order 2008

UK Statutory Instrument 2008 No. 2668 — creates 5 criminal offences.

5offences created

0recorded in force

5revoked

Made: 8 October 2008
In force from: 8 October 2008
Extent: Not stated
Subject: Terrorism, official secrets and national security
Made under: Schedule 3 to the Anti-terrorism, Crime and Security Act 2001

Explanatory note

(This note is not part of the Order) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

This Order is made under the Anti-terrorism, Crime and Security Act 2001 (c.24) to give effect to a freeze on funds in relation to the Icelandic bank Landsbanki, including those owned, held or controlled in relation to that bank by the relevant Icelandic Authorities or the Government of Iceland. Article 3 provides that a specified person may request the reason why it is specified. Article 4 prohibits any person from making funds available to or for the benefit of a specified person. It also makes provision that a specified person must not deal with funds it controls, holds or owns. Article 5 makes it an offence to breach the prohibition on making funds available or to engage in activity knowing or intending that it will enable or facilitate the commission of such an offence, subject to a defence based on no knowledge or reasonable suspicion of the relevant circumstances. Article 6 provides for the Treasury to be able to grant licences to disapply the prohibitions and article 7 makes provision in relation to licensing procedure. Article 8 gives effect to the Schedule which makes provision about information and disclosure of information. Article 9 sets the penalties for offences under the Order, article 10 makes provision relating to criminal proceedings and article 11 relates to offences by bodies corporate. Article 12 makes provision about the service of notices. Article 13 confirms that the Order binds the Crown, but that the Crown is not to be held criminally liable in relation to the provisions of the Order. An Impact Assessment of the effect of this instrument on the costs to business has been prepared. It may be obtained from the Financial Stability Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also available on HM Treasury’s website (www.hm-treasury.gov.uk ). Copies of the document have been placed in the libraries of both Houses of Parliament.

Offences created by this instrument

A person who fails to comply with a prohibition imposed by article 4 commits an offence article 5(1) · Revoked · Strict liability
A person who engages in an activity knowing or intending that it will enable or facilitate the commission by another… article 5(2) · Revoked · Strict liability
Licensing procedure article 7(5) · Revoked · Strict liability
Licensing procedure article 7(6) · Revoked · Requires proof of a state of mind
1 A person who— a fails without reasonable excuse to provide information, or to produce a document, in response to a… paragraph 6(1) of SCHEDULE · Revoked · Requires proof of a state of mind

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Standing Orders Etc. (Energy and Climate Change) Commons · Commons Chamber · 28 October 2008 · Chris Bryant
I have been listening to the debate tonight, so pressing me to produce an action plan now is going a little far, but this is something that I think we need to address. The hon. Gentleman will be able to judge me by not just my words but my actions at a later stage. The hon. Member for Caernarfon (Hywel Williams) spoke of the need for minority parties to be represented on the Committee. I am minded to resist amendment (a) if it is pressed to a Division, but I very much hope that we shall be able to set up the Committee forthwith. Amendment (b) agreed to. Resolved, That the following…
Landsbanki Freezing Order 2008 Lords · Lords Chamber · 28 October 2008 · The Financial Services Secretary to the Treasury (Lord Myners)
rose to move, That the order laid before the House on 8 October be approved. The noble Lord said: My Lords, before I turn to the two instruments that we are considering this evening, I should like to say a few words of a personal nature. It is a very great honour for me to stand before your Lordships for the first time in this House. I want to begin by thanking the whole House for the warm welcome that I have received from all sides since my introduction last week and to extend my grateful thanks to the staff of the House, who have been similarly welcoming and supportive. We are truly…
Landsbanki Freezing Order 2008 Lords · Lords Chamber · 28 October 2008
Icelandic Banking Collapse Commons · Commons Chamber · 6 November 2008 · The Economic Secretary to the Treasury (Ian Pearson)
I congratulate my hon. Friend the Member for Wakefield (Mary Creagh) on securing this Adjournment debate. I am sure that the whole House will have sympathy for the plight of her constituents. Let me say in advance that, although she was generous in giving way, I do not intend to give way during my reply, given the time constraints. The Icelandic economy has experienced increasing difficulties in recent months. Growth has slowed and the currency exchange rate has depreciated; this has been coupled with high inflation and high interest rates. In July, the International Monetary Fund’s mission…

How Parliament handled it

Parliament's Statutory Instruments service records procedure from May 2017 onwards, and this instrument predates it. That is a limit of the source, not a statement that nothing happened.

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