On the 23rd May 2018, the Sanctions and Anti-Money Laundering Bill received Royal Assent, becoming an Act of Parliament under the name of the Sanctions and Anti-Money Laundering Act 2018. This Act makes provisions that enable sanctions to be imposed under several circumstances, including:
- To ensure compliance with United Nations obligations as appropriate
- Meet international obligations including furthering the prevention of terrorism
- Maintaining national security and international peace and security
- To assist in the detection, investigation and prevention of money laundering and terrorist financing
Foreign Secretary Boris Johnson stated:
“Royal Assent for the Sanctions and Anti-Money Laundering Act is an important moment for the UK. It is the first of the bills which prepares for life after our exit from the EU to complete its passage through Parliament.
Thanks to this new law, once we have left the EU, we will have full control of our own sanctions policy again. That will give us the power to impose sanctions, including for human rights abuses.
Sanctions are a key foreign policy and national security tool for the UK, and the new legislation will allow the UK to act in line with our own priorities, as well as with our international partners. It will also provide us with the power to amend and update anti-money laundering and counter-terrorist finance legislation, allowing the Government to keep pace with changing international standards and practices, and help to protect the UK from money laundering and terrorist financing……”