Brexit & SAMLA 2018 - The Key Areas for Legal, Financial & Insurance Professionals
As the UK prepares to leave the EU on 29 March 2019, part of the vital preparations is to ensure that the UK continues to have the power to impose, amend and lift sanctions after Brexit.
To achieve this, the Sanctions and Anti-Money Laundering Act 2018 (SAMLA) was introduced to Parliament and given Royal Assent on 23 May 2018.
If the UK leaves the EU without a deal, in addition to implementing UN sanctions, the UK plans to carry over all existing EU sanctions as well as have the power to introduce new sanctions under SAMLA.
What will this look like?
‘Deal’ or ‘no deal’, ‘hard’ or ‘soft’ Brexit?
This webinar seeks to address some of the key areas that have been identified by legal, financial and insurance sectors as potentially presenting the most challenges by explaining SAMLA and how Brexit will impact sanctions in the UK.
What You Will Learn
The webinar will cover the following:
- New broader powers for the UK to:
- Make, suspend or revoke sanctions; and
- Add and remove people, entities and organisations
- New broader licensing powers
- Guidance issued by the Office of Financial Sanctions Implementation
- Reporting obligations for sanctions
- Increased powers for information sharing
- UK divergence from OFAC and the EU in the area of ownership and control
- Enforcement of sanctions in the UK