Terrorist Asset-Freezing (Temporary Provisions) Bill

I beg to move, That the Bill be now read a Second time. The whole House would wish that today's provisions were not required, yet we are realists, and we know that the real world demands action of the kind proposed in the Bill. Terrorism continues to pose a threat to the United Kingdom. Indeed, the Home Secretary recently apprised the House of the fact that the terrorist threat is now judged as severe—in other words, highly likely at any time. As hon. Members know, terrorist organisations, including al-Qaeda, have executed or planned a succession of attacks with the aim of causing mass casualties. Many of our constituents have been affected or caught up or murdered. Yet the economics of that threat are frighteningly simple. The cost of a terrorist attack is low, yet its impact is devastating. The attacks on London on 7 July 2005, for example, cost the perpetrators just £8,000, yet the price paid by the British people was immeasurably greater. For that reason, we seek to fight back with every appropriate weapon, which must include control of finance, assets and cash. Without resources, terror networks are unable to plan, organise or execute attacks, for which reason the United Nations requires that all states:"““Freeze without delay…assets””" and"““resources of persons who commit, or attempt to commit, terrorist acts or participate in or facilitate the commission of terrorist acts””." Our tools therefore must include action against terrorist finance, which is now an important part of the UK's counter-terrorism strategy.