Sanctions and Anti-Money Laundering Bill [HL]

Explanatory Notes


Overview of the Bill

1 The Sanctions and Anti-Money Laundering Bill will:

a. enable the UK to continue to implement United Nations (UN) sanctions regimes and to use sanctions to meet national security and foreign policy objectives; and

b. enable anti-money laundering and counter-terrorist financing measures to be kept up to date, helping to protect the security and prosperity of the UK and continue to align the UK with international standards.

2 These matters are currently largely dealt with through the European Communities Act 1972, which will be repealed when the UK withdraws from the European Union (EU).

3 The Bill is in three parts and has three schedules.

a. Part 1 provides powers to create sanctions regimes.

b. Part 2 provides powers to create anti-money laundering and counter-terrorist financing regulations, and provisions relating to registers of beneficial owners of overseas entities.

c. Part 3 contains supplementary clauses to support Parts 1 and 2 of the Bill, as well as definitions and final provisions.

d. Schedule 1 makes further provision for regulations which impose trade sanctions and relates to clause 5 in Part 1.

e. Schedule 2 makes further provision for regulations for the purposes of anti-money laundering and counter-terrorist financing and relates to Part 2.

f. Schedule 3 deals with the consequential amendments to other, connected primary legislation.

 

Prepared 25th January 2018