Brexit Briefing - Sanctions & AML Live Update

Introduction

There are signs that the UK’s sanction regime is poised to become more aggressive following the disentanglement from the EU.

The close of the Brexit transitional period on 31 December 2020 marks the end of the UK’s obligation to enforce EU sanctions. From 1 January 2021, the UK’s sanctions regime will be independent, with sanctions imposed pursuant to a new framework introduced under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA).

It is important that UK firms anticipate the UK’s changed regulatory landscape and are aware of the potential for new sanctions in due course. Further, the UK continues to be an attractive hub for money laundering. Investigative and enforcement action in this space shows no signs of slowing down.

This virtual classroom session will provide you with an update on the sanctions regime and money laundering and is directed at lawyers and compliance professionals working for companies of all sizes.

What You Will Learn

This live and interactive session will cover the following:

Sanctions

• The definition of ‘sanctions’ and types available
• Sanctions post-Brexit under the Sanctions and Anti-Money Laundering Act 2018
• Understanding the sanctions offences
• Exceptions to sanctions offences
• Licensing regime
• Reporting obligation - who is covered and when to report
• Challenging a sanction
• Case studies - recent enforcement action
• What good sanctions compliance looks like

Money Laundering

• The money laundering offences under Part 7 of the Proceeds of Crime Act 2002 in detail
• The regulated sector and reporting obligation in section 330
• Drafting a good Suspicious Activity Report
• After a SAR is submitted
• Recent enforcement action
• Highlights from the new legal sector AML guidance published 20 January 2021

Quick Quiz - Test Your Knowledge: Money Laundering

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.