2018 July

On the 19th April 2018, the European Parliament adopted the 5th Anti Money Laundering Directive. The Directive has been formally endorsed by the European Council and the text has been published in the Official Journal of the European Union on the 19th June 2018. Member States will be required to bring into force the laws,

The British Virgin Islands, one of the territories, complained that by imposing a public register the UK would “undermine the constitutional relationship” and hurt the islands’ economies. The UK’s measure, which is part of the Sanctions and Anti-Money Laundering Bill, does not apply to the crown dependencies of Jersey, Guernsey and the Isle of Man.

What does this mean for UK sanctions? These amendments may initially seem uncontentious but if implemented, the first will result in a significant widening of the UK’s power to make unilateral sanctions. The current legal framework is largely derived from EU sources, with the domestic regime being very limited in its scope. When the Sanctions