Within its 65 sections, the Sanctions and Anti-Money Laundering Act covers two subjects: All but three sections provide for a framework of sanctions implementation in the UK following Brexit. The remaining three sections, precisely sections 49 to 51, deal with discrete anti-money laundering issues, most controversially including the proposed introduction of publicly accessible registers of beneficial ownership information on companies in the UK overseas territories. In this article, published by Law 360, Aki Corsoni-Husain addresses why the UK has Legislated for the UK overseas territories, what the requirements will be, and what will happen next.
