Sanctions and Anti-Money Laundering Act 2018 (Chapter 13).
Type of law
Legislation
Abstract
The Sanctions and Anti-Money Laundering Act 2018 is organised 3 Parts and 3 Schedules. The Act under Part I, Chapter 1 enables the UK through an appropriate Minister (the Secretary of State or the Treasury) to continue implementing the United Nations (UN) sanctions regimes, to continue complying with UN and other international obligations, and meet certain foreign policy and national security objectives after exiting EU. The Act lists the purposes for sanction regulations, these include: prevention of terrorism, national and international security and peace, resolution of armed conflicts, human rights protection, prevent the spread and use of weapons and materials of mass destruction, promote respect for democracy, the rule of law and good government. There Act identifies main types of sanctions regulations: financial sanctions (section 3), immigration sanctions (section 4), trade sanctions (section 5 and Schedule 1), aircraft (section 6) and shipping sanctions (section 7) and for the purpose of financial and immigration sanctions regulations sets out a mechanism of national designation conferring to the Minister the power to designate persons through the regulation. These designations will be in addition to the persons who are already designated persons named by or under UN Security Council Resolutions (section 13). Similarly, the Minister can “specify ships” under section 14. Sections from 15 to 21 specify the content of sanctions regulations including exceptions and licences to the regime, information management, extra-territorial application etc. Chapter 2 concerns review, revocation and variation of person designation, ship specification and in general of sanction regulation. Chapter 3 concerns temporary powers in relation to EU sanctions, Chapter 4 regulates court reviews, Chapter 5 includes miscellaneous provisions.
Part II and Schedule 2 enables the Minister to make regulations about money laundering and terrorist financing and contains provisions relating to registers of beneficial owners of overseas entities and beneficial owners of companies registered in British Overseas Territories.
Part 3 contains general provisions complementing and integrating Parts 1 and 2 of the Act, including definitions.
Schedule 3 makes consequential amendments to related primary legislation.
Part II and Schedule 2 enables the Minister to make regulations about money laundering and terrorist financing and contains provisions relating to registers of beneficial owners of overseas entities and beneficial owners of companies registered in British Overseas Territories.
Part 3 contains general provisions complementing and integrating Parts 1 and 2 of the Act, including definitions.
Schedule 3 makes consequential amendments to related primary legislation.
Attached files
Web site
Long title of text
An Act to make provision enabling sanctions to be imposed where appropriate for the purposes of compliance with United Nations obligations or other international obligations or for the purposes of furthering the prevention of terrorism or for the purposes of national security or international peace and security or for the purposes of furthering foreign policy objectives; to make provision for the purposes of the detection, investigation and prevention of money laundering and terrorist financing and for the purposes of implementing Standards published by the Financial Action Task Force relating to combating threats to the integrity of the international financial system; and for connected purposes.
Date of text
Repealed
No
Source language
English
Legislation Amendment
No