What UK Sanctions and Anti-Money Laundering Act 2018 (c. 13): Post-Brexit Powers to Make Sanctions and Money Laundering Regulations requires
The Sanctions and Anti-Money Laundering Act 2018 (c. 13) is the United Kingdom's primary post-Brexit statutory framework for imposing and administering sanctions and for making money laundering and terrorist financing regulations, administered by HM Treasury through the Office of Financial Sanctions Implementation and by the Foreign, Commonwealth and Development Office. Section 1 confers the power on an appropriate Minister to make sanctions regulations for purposes including compliance with United Nations obligations, other international obligations, and the prevention of terrorism. Section 2 imposes additional requirements where regulations are made for a discretionary purpose, requiring the Minister to consider whether there are good reasons and whether the imposition is a reasonable course of action. Section 3 sets out financial sanctions, including asset freezes. Section 11 provides for the designation of a person by name under a designation power, and section 12 provides for designation by description. Section 17 confers powers to create enforcement provisions, including criminal offences, for breaches of sanctions regulations. Section 38 provides a designated person with a right to seek court review of a decision to designate or not to vary or revoke a designation. Section 49 confers the power to make money laundering and terrorist financing regulations imposing customer due diligence, record-keeping, and reporting requirements on the regulated sector. The Act is the foundational statute for UK sanctions and anti-money-laundering rule-making.
Pillar: Financial Crime, AML & Sanctions · Authority: UK Parliament / HM Treasury - Office of Financial Sanctions Implementation · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2018/13/contents
SHA-256 integrity: 17c0bc88d4cf07369855b9d6cbca1b47108dd1d157ff4c2c8f0858888c3dd08b
Primary Citations — 8 traced to source
- Sanctions and Anti-Money Laundering Act 2018, section 1 - power to make sanctions regulations.
- Sanctions and Anti-Money Laundering Act 2018, section 2 - additional requirements for regulations for a discretionary purpose.
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