Session 2017-19
Internet Publications
Other Bills before Parliament


 
 

Public Bill Committee: 27 February 2018                  

22

 

Sanctions and Anti-Money Laundering Bill-[Lords], continued

 
 

company are fit and proper, if it was found that proper procedures against money laundering were

 

not in place.

 


 

Helen Goodman

 

Anneliese Dodds

 

NC16

 

Parliamentary Star    

To move the following Clause—

 

         

“Money laundering: standards and designations

 

(1)    

An appropriate Minister may by regulations made by statutory instrument amend

 

the Money Laundering, Terrorist Financing and Transfer of Funds (Information

 

on the Payer) Regulations 2017 (S.I. 2017/692) in order to—

 

(a)    

implement standards published by the Financial Action Task Force from

 

time to time relating to combating money laundering, terrorist financing

 

and threats to the integrity of the international financial system; and

 

(b)    

identify or revoke a designation of a high risk country taking account of

 

best international practice including EU sanctions regimes.

 

(2)    

Regulations under this section may not create new types of criminal offences, or

 

reduce defences or evidence.

 

(3)    

A statutory instrument containing regulations under this section may not be made

 

unless a draft of the instrument has been laid before, and approved by a resolution

 

of, each House of Parliament.”

 


 

Helen Goodman

 

Anneliese Dodds

 

NC17

 

Parliamentary Star    

To move the following Clause—

 

         

“Consultation on reform of the law on corporate liability for money

 

laundering and terrorist financing etc

 

No later than six months from the date on which this Act is passed, the Secretary

 

of State must arrange for the undertaking of a public consultation on the merits of

 

reforming the law on corporate liability for money laundering, terrorist financing

 

offences and those offences which pose a threat to the integrity of the

 

international financial system.”

 

Member’s explanatory statement

 

This new clause calls for a public consultation on corporate liability for money laundering within

 

six months.

 



 
 

Public Bill Committee: 27 February 2018                  

23

 

Sanctions and Anti-Money Laundering Bill-[Lords], continued

 
 

Helen Goodman

 

Anneliese Dodds

 

NC18

 

Parliamentary Star    

To move the following Clause—

 

         

“Public register of beneficial ownership of trusts and similar legal

 

arrangements

 

The Money Laundering, Terrorist Financing and Transfer of Funds (Information

 

on the Payer) Regulations 2017 are amended by leaving out paragraph (12) of

 

regulation 45 (Register of beneficial ownership) and inserting—

 

“(12)    

The Commissioners must ensure that the register is published”.

 

Member’s explanatory statement

 

This new clause would require the Government to publish the register of beneficial ownership of

 

trusts and similar legal arrangements on the day this Act is passed.

 


 

Helen Goodman

 

Anneliese Dodds

 

NC19

 

Parliamentary Star    

To move the following Clause—

 

         

“Money laundering: technical amendment

 

(1)    

Until two years after exit day, as defined by section 14 of the European Union

 

(Withdrawal) Act 2018, an appropriate Minister may by regulations made by

 

statutory instrument amend the Money Laundering, Terrorist Financing and

 

Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692)

 

in order to—

 

(a)    

replace references to EU directives and regulations with corresponding

 

references to UK legislation;

 

(b)    

transpose references to European Supervisory Authorities and any

 

review, report, guideline or Regulatory Technical Standards

 

requirements of the European Supervisory Authorities into

 

corresponding requirements of UK supervisory bodies with any

 

obligations to take account of international developments and to consult

 

also being carried over;

 

(c)    

transpose requirements for European Commission reports into report

 

requirements from the Treasury and Home Office, including any

 

obligation to take account of international developments;

 

(d)    

transpose references to delegated acts into provisions for regulations

 

made by the affirmative procedure;

 

(e)    

update references relating to EEA passport rights or replace them with

 

any corresponding or negotiated right;

 

(f)    

amend definitions of credit institutions and financial institutions or any

 

other definition lists to eliminate EU cross-references and establish

 

corresponding entity lists;

 

(g)    

convert any amount in euros to sterling;

 

(h)    

modify or delete provisions relating to the EEA to retain reference as

 

appropriate or combine with third country provisions;


 
 

Public Bill Committee: 27 February 2018                  

24

 

Sanctions and Anti-Money Laundering Bill-[Lords], continued

 
 

(i)    

replace reference to the identifying of high risk third countries by the

 

Commission with corresponding UK procedure that takes account of

 

international provisions.

 

(2)    

A statutory instrument containing regulations under this section may not be made

 

unless a draft of the instrument has been laid before, and approved by a resolution

 

of, each House of Parliament.”

 

Member’s explanatory statement

 

This new clause would allow the Minister to amend the Money Laundering Regulations 2017 via

 

statutory instruments, but only if it is permitted under the listed situations. It is designed to prevent

 

dilution or repeal of the regulations.

 


 

Helen Goodman

 

Anneliese Dodds

 

NC20

 

Parliamentary Star    

To move the following Clause—

 

         

“Money laundering exemptions

 

The Money Laundering, Terrorist Financing and Transfer of Funds (Information

 

on the Payer) Regulations 2017 (S.I. 2017/692) are exempted from amendment

 

or revocation under the Legislative and Regulatory Reform Act 2006 and under

 

the European Union (Withdrawal) Act 2018.”

 

Member’s explanatory statement

 

This new clause would prevent any amendment or repeal to the 2017 Money Laundering

 

Regulations after Brexit.

 

 

Order of the House [20 February 2018]

 

That the following provisions shall apply to the Sanctions and Anti-Money Laundering

 

Bill [Lords]:

 

Committal

 

1.    

The Bill shall be committed to a Public Bill Committee.

 

Proceedings in Public Bill Committee

 

2.    

Proceedings in the Public Bill Committee shall (so far as not previously

 

concluded) be brought to a conclusion on Tuesday 6 March.

 

3.    

The Public Bill Committee shall have leave to sit twice on the first day on

 

which it meets.

 

Proceedings on Consideration and up to and including Third Reading

 

4.    

Proceedings on Consideration and any proceedings in legislative grand

 

committee shall (so far as not previously concluded) be brought to a

 

conclusion one hour before the moment of interruption on the day on which

 

proceedings on Consideration are commenced.

 

5.    

Proceedings on Third Reading shall (so far as not previously concluded) be

 

brought to a conclusion at the moment of interruption on that day.


 
 

Public Bill Committee: 27 February 2018                  

25

 

Sanctions and Anti-Money Laundering Bill-[Lords], continued

 
 

6.    

Standing Order No. 83B (Programming committees) shall not apply to

 

proceedings on Consideration and up to and including Third Reading.

 

Other proceedings

 

7.    

Any other proceedings on the Bill may be programmed.

 

 

NOTICES WITHDRAWN

 

The following Notices were withdrawn on 23 February 2018:

 

23

 


 
PreviousBack to Start
 

Revised 27 February 2018