The Sanctions and Anti-Money Laundering Bill has been introduced in Parliament today (Wednesday 18 October). This is the first Bill relating to Brexit to be introduced in the House of Lords, following a public consultation on the new measures earlier this year.
The new legislation will give the UK the necessary legal powers to continue to implement sanctions and introduce tough new measures post-Brexit against states such as North Korea and terrorist organisations including Daesh. This will enable us to maintain existing sanctions regimes currently imposed through EU law, while providing the necessary legal underpinning for the UK to decide when and how to take action against new threats.
This is an important step in ensuring that the UK continues to meet its international obligations and work with allies in tackling shared threats once the UK has left the European Union.
Minister for Europe Sir Alan Duncan said:
Sanctions are a vital part of our response to countries, organisations and individuals who threaten our security or undermine international law. We are taking sensible steps to make sure that we have legislation in place for when we leave the EU so our existing sanctions can continue and we have the freedom to take further action when necessary.
As a Permanent Member of the UN Security Council the UK has long championed a rules-based international system and this will continue after we leave the EU. Sanctions are most effective when delivered by a coalition of countries acting together and we expect to continue working closely with our partners in the EU and the rest of the world to take decisive action when needed. This Bill will ensure we retain the powers we need to remain a responsible and reliable security partner.
The Sanctions and Anti-Money Laundering Bill will be taken through the House of Lords by Foreign Office Minister Lord Ahmad of Wimbledon and is expected to move onto its second reading later this autumn.