In a statement, Denis MacShane said: "I am shocked and saddened that the BNP has won its three-year campaign to destroy my political career as a Labour MP despite a full police investigation which decided not to proceed after investigations and interviews.
"I am glad the committee notes that there is no question of personal gain. Clearly I deeply regret that the way I chose to be reimbursed for costs related to my work in Europe and in combating anti-semitism, including being the Prime Minister's personal envoy, has been judged so harshly.
"I remain committed to work for progressive values, for Britain playing a full part in Europe, and for combating anti-semitism even though I can no longer undertake this work as a Labour MP.
"I am consulting family and friends as I consider my position and study the full implications of the report. I am obviously desperately sorry for any embarrassment I have caused my beloved Labour Party and its leader Ed Miliband whom I greatly admire."
Former Labour minister Denis MacShane is facing suspension from the Commons for a year over a string of illegitimate expenses claims running to thousands of thousands.
The MP, who was suspended from the Labour party this morning, said he was "shocked and saddened" that his political career had been destroyed and was now considering his position.
The Committee on Standards and Privileges said that it recommended the punishment after finding Mr MacShane submitted 19 false invoices "plainly intended to deceive" Parliament's expenses authority.