Found: being amended (S.I. 2020/705), explain why the procedure in section 55(3) of the Sanctions and Anti-Money Laundering Act

Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to Section 51 of the Sanctions and Anti-Money Laundering Act 2018, what steps his Department has taken to help British Overseas Territories establish a publicly accessible register of the beneficial ownership of companies registered in their jurisdiction.

Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)

The FCDO has funded an expert NGO, Open Ownership, to provide technical assistance to Overseas Territory governments to establish publicly accessible registers of beneficial ownership (PARBO). The UK Government has also provided legal drafting assistance to some OTs and funding to Montserrat for costs associated with implementing their publicly accessible register. I have written to all OT Leaders and Governors including in person meetings over the last few days with the Governments in Anguilla and BVI, setting out my expectations of urgent progress. I was delighted Montserrat launched their PARBO on 11 October.

Since 2023, the UK has held several technical workshops on beneficial ownership with Overseas Territories. The most recent on 31 October 2024, following discussions between officials at the 'UK-OT Illicit Finance Dialogue' held on 07-09 October.

I look forward to further discussions at the Joint Ministerial Council in late November, where this will feature on the agenda.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure effective enforcement of the UK's financial sanctions regime for UK companies suspected of breaching sanctions on Russian oil.

Answered by Tulip Siddiq - Economic Secretary (HM Treasury)

The action taken by the UK and its Coalition partners to limit Russian energy revenues is having a significant impact, with data from Russia’s Ministry of Finance showing there was a 30% reduction in Russian government tax revenues from oil in 2023 compared to 2022.

HM Treasury’s Office of Financial Sanctions Implementation (OFSI) is the authority responsible for implementing financial sanctions and the Oil Price Cap. OFSI takes a proactive enforcement approach based on its enhanced intelligence and monitoring capabilities, and is currently undertaking a number of investigations into suspected breaches of the price cap, using powers under the Sanctions and Anti Money Laundering Act (SAMLA) to request information and working closely with our international partners in the G7+ Oil Price Cap Coalition.

Industry compliance is further strengthened through guidance and alerts, for example the compliance and enforcement alert issued in February 2024 on the Oil Price Cap, which highlighted to industry red flags for sanctions evasion.

Enforcement outcomes are never immediate, as complex investigations, including following due process, take time. The length of OFSI’s investigation process is consistent with international standards. OFSI assesses every instance of reported non-compliance and takes action in all cases where it is appropriate to do so. This was demonstrated by OFSI’s penalty against the British company Integral Concierge Services Limited on 27 September, for committing serious breaches of UK sanctions imposed as a result of Russia’s illegal invasion of Ukraine in 2022.

The UK has also taken action directly targeting shadow fleet vessels and entities that seek to undermine UK sanctions and facilitate the trade and transportation of Russian oil and oil products.

Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent steps he has taken to ensure Overseas Territories establish a public register of beneficial ownership under the Sanctions and Anti-Money Laundering Act 2018.

Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)

This month, as Minister for the Overseas Territories (OTs), I wrote to OT Governments to set out UK transparency expectations.

I noted that full public accessibility remains our expectation. Access filtered to those with 'legitimate interest' should be delivered to a clear timetable, as an interim step.

I also outlined a set of minimum requirements that UK Government would expect to see in any 'legitimate interest' regime.

At the UK-OT Illicit Finance Dialogue earlier this month, Officials discussed this and other priorities. I expect to continue discussions at the Joint Ministerial Council in November.

I am pleased to report that Monserrat announced its delivery of a public register of beneficial ownership on 11 October.

Found: evasion, terrorist financing or breaching of sanctions imposed by regulations under the Sanctions and Anti-Money Laundering Act

Found: The Secretary of State(1), considering that the condition in section 45(2) of the Sanctions and Anti-Money Laundering Act

Found: made by the Secretary of State, laid before Parliament under section 55(3) of the Sanctions and Anti-Money Laundering Act

Found: sections 1(1)(a) and (c), (2) and (3), 16, 17, 17A, 21(1) and 54(1) and (2) of the Sanctions and Anti-Money Laundering Act

Found: 2024The Secretary of State(1), considering that the condition in section 45(2) of the Sanctions and Anti-Money Laundering Act

Found: made by the Secretary of State, laid before Parliament under section 55(3) of the Sanctions and Anti-Money Laundering Act

Found: Regulations by the Secretary of State, laid before Parliament under section 55(3) of the Sanctions and Anti-Money Laundering Act

Found: made by the Secretary of State, laid before Parliament under section 55(3) of the Sanctions and Anti-Money Laundering Act

Found: Libya (Sanctions) (EU Exit) Regulations 2020 (S.I. 2020/1665) were made under the Sanctions and Anti -Money Laundering Act

Found: The UK’s legal framework for imposing sanctions is now largely provided by the Sanctions and Anti- Money Laundering Act

Found: act-2000 Page 13 of 39 3.3 - Counter -Terrorism Sanctions in the UK The Sanctions and Anti -Money Laundering Act

Found: has the power to issue General Licences for country sanctions regimes under the Sanctions and Anti-Money Laundering Act

Found: has the power to issue General Licences for country sanctions regimes under the Sanctions and Anti-Money Laundering Act

Found: penalties HTML Details The UK’s sanctions framework is implemented under the Sanctions and Anti-Money Laundering Act

Found: regulations to set up a civil enforcement framework for trade sanctions is contained in the Sanctions and Anti-Money Laundering Act

Found: has the power to issue General Licences for country sanctions regimes under the Sanctions and Anti-Money Laundering Act

Found: These regulations were made under the Sanctions and Anti-Money Laundering Act 2018.  

Found: serious crime, and state threats are becoming 105 Reg.6. 106 Section 62(1) Sanctions and Anti -Money Laundering Act

Found: behaviour not to outlaw the designated entity entirely. 105 Reg.6. 106 Section 62(1) Sanctions and Anti-Money Laundering Act

Found: has the power to issue General Licences for country sanctions regimes under the Sanctions and Anti-Money Laundering Act

Found: regulations to set up a civil enforcement framework for trade sanctions is contained in the Sanctions and Anti-Money Laundering Act

Found: has the power to issue General Licences for country sanctions regimes under the Sanctions and Anti-Money Laundering Act

Found: These regulations were made under the Sanctions and Anti-Money Laundering Act 2018.  

Found: evasion, terrorist financing or breaching of sanctions imposed by regulations under the Sanctions and Anti-Money Laundering Act

Found: The Sanctions and Anti - Money Laundering Act 2018 (“SAMLA”) makes clear that UK sanctions do not apply