On October 18, 2017 the UK "Sanctions and Anti-Money Laundering Bill" (the "Bill") was introduced in the upper house of the Parliament of the UK. The UK government news release stated the Bill "ensures that when the UK leaves the EU, we can continue to impose, update, and lift sanctions and AML regimes." (1)
Most of the sanctions regimes the UK is currently complying with had their powers established in the European Communities Act of 1972. Once the UK fully withdraws from the European Union, the Bill will establish necessary legal authority in order to continue to work with their international partners and effectively enforce sanctions regimes and money laundering regulations.
"This will enable us to impose sanctions as appropriate either alone or with partners in the EU and around the world, to take targeted action against countries, organizations and individuals who contravene international law, commit or finance terrorism or threaten international peace and security." (2) - Alan Duncan, Minister for Europe.
- (1) UK Gov - News Release
- (2) Reuters - UK sets out new powers to impose sanctions after Brexit
- UK Gov - Department for International Trade - Export Control Joint Unit
- UK Gov - HM Revenue & Customs
- UK Gov - Home Office - UK Visas and Immigration
- UK Gov - National Crime Agency
- UK Gov - Office of Financial Sanctions Implementation HM Treasury
- UK Gov - Public consultation on the United Kingdom's future legal framework for imposing and implementing sanctions
- UK Gov - Sanctions and Anti-Money Laundering Bill
- UK Gov - Sanctions and Anti-Money Laundering Bill - Explanatory Notes
- UK Gov - Sanctions and Anti-Money Laundering Bill - Impact Assessment
- UK Gov - Sanctions and Anti-Money Laundering Bill - Track Progress of the Bill