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Overseas Investment: Sanctions

Question for Foreign, Commonwealth and Development Office

UIN 100632, tabled on 10 January 2022

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether the Government has plans to discourage firms from investing in companies linked to entities designated under the Global Human Rights Sanctions Regulations 2020, in response to reports that HSBC has facilitated investment in Xinjiang Tianye Ltd, a sister company of the Xinjiang Production and Construction Corps Public Security Bureau.

Answered on

13 January 2022

The Government has taken a number of measures to help ensure that no British organisations are profiting from or contributing to human rights violations against the Uyghurs or other minorities. We have introduced new guidance for UK businesses on the risks of doing business in Xinjiang - supported by a programme of Ministerial engagement - and announced enhanced export controls, as well as a commitment to introduce financial penalties for non-compliance with section 54 of the Modern Slavery Act. Our overseas business risk guidance makes clear to UK companies the risks of operating in Xinjiang, and urges them to conduct appropriate due diligence and consider their corporate responsibilities when making investment decisions.

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