Sanctions and Anti-Money Laundering Bill [HL]

Explanatory Notes

Parliamentary approval for financial costs or for charges imposed

189 A Money Resolution will be required to authorise government expenditure arising from various clauses of the Bill, in particular -

a. clause 1 of the Bill (power for the Secretary of State or the Treasury to make sanctions regulations): in particular, costs associated with designating individuals or bodies under the regulations (see clause 10), reviewing the designations (see clauses 19 to 22), and the enforcement of the regulations;

b. clause 43 of the Bill (anti-money laundering etc: power for the Secretary of State or the Treasury to make regulations): in particular, the regulations could require the preparation of risk assessments (see paragraph 2 of Schedule 2) and require supervisory authorities (such as HMRC) to carry out functions in relation to businesses of certain kinds (see paragraph 7 of Schedule 2), and there may be costs associated with the enforcement of the regulations.

190 Regulations made under clause 43 of the Bill (anti-money laundering etc) may provide for the imposition of charges in connection with functions exercised under the regulations: see in particular paragraph 12 of Schedule 2. A Ways and Means Resolution will be required to authorise any such fee-charging provisions."

 

Prepared 25th January 2018