Sanctions and Anti-Money Laundering Act 2018 · CHAPTER 1 Power to make sanctions regulations

3 Financial sanctions

s. 3 · in force: yes

Captured statutory text (L5)

3 Financial sanctions

(1)For the purposes of section 1(5)(a) regulations “impose financial sanctions” if they impose prohibitions or requirements for one or more of the following purposes—

(a)freezing funds or economic resources owned, held or controlled by designated persons (see section 9);

(b)preventing financial services from being provided to, or for the benefit of—

(i)designated persons,

(ii)persons connected with a prescribed country, or

(iii)a prescribed description of persons connected with a prescribed country;

(c)preventing financial services from being procured from, or for the benefit of—

(i)designated persons,

(ii)persons connected with a prescribed country, or

(iii)a prescribed description of persons connected with a prescribed country;

(d)preventing funds or economic resources from being made available to, or for the benefit of—

(i)designated persons,

(ii)persons connected with a prescribed country, or

(iii)a prescribed description of persons connected with a prescribed country;

(e)preventing funds or economic resources from being received from—

(i)designated persons,

(ii)persons connected with a prescribed country, or

(iii)a prescribed description of persons connected with a prescribed country;

(f)preventing financial services from being provided, where the services relate to financial products, or financial products of a prescribed description, issued by designated persons;

(g)preventing persons from owning, controlling or having a prescribed interest in persons (other than individuals) which are—

(i)designated persons,

(ii)connected with a prescribed country, or

(iii)of a prescribed description and connected with a prescribed country.

(2)For the purposes of section 1(5)(a) regulations also “impose financial sanctions” if they impose prohibitions or requirements for the purpose of preventing persons from entering into, or continuing to be a party to, arrangements for commercial purposes, or for prescribed commercial purposes, with—

(a)designated persons,

(b)persons connected with a prescribed country, or

(c)a prescribed description of persons connected with a prescribed country.

(3)In subsection (1) any reference to funds, economic resources or financial services being made available, received, procured or provided is to their being made available, received, procured or provided (as the case may be) directly or indirectly.

(4)In subsection (2) “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

(5)Sections 60 and 61 contain definitions for the purposes of this Act of— “economic resources”, “financial products”, “financial services”, “freeze”, and “funds”.

(6)Section 62 makes provision about the meaning of —

(a)funds or economic resources being “owned, held or controlled” or “made available” (see subsection (4) of that section),

(b)a person “owning” or “controlling” another person (see subsection (5) of that section), and

(c)a person being “connected with” a country (see subsection (6) of that section).

Full captured verbatim text

(1) For the purposes of section 1(5)(a) regulations “impose financial sanctions” if they impose prohibitions or requirements for one or more of the following purposes—

(a) freezing funds or economic resources owned, held or controlled by designated persons (see section 9);

(b) preventing financial services from being provided to, or for the benefit of—

(i) designated persons,

(ii) persons connected with a prescribed country, or

(iii) a prescribed description of persons connected with a prescribed country;

(c) preventing financial services from being procured from, or for the benefit of—

(i) designated persons,

(ii) persons connected with a prescribed country, or

(iii) a prescribed description of persons connected with a prescribed country;

(d) preventing funds or economic resources from being made available to, or for the benefit of—

(i) designated persons,

(ii) persons connected with a prescribed country, or

(iii) a prescribed description of persons connected with a prescribed country;

(e) preventing funds or economic resources from being received from—

(i) designated persons,

(ii) persons connected with a prescribed country, or

(iii) a prescribed description of persons connected with a prescribed country;

(f) preventing financial services from being provided, where the services relate to financial products, or financial products of a prescribed description, issued by designated persons;

(g) preventing persons from owning, controlling or having a prescribed interest in persons (other than individuals) which are—

(i) designated persons,

(ii) connected with a prescribed country, or

(iii) of a prescribed description and connected with a prescribed country.

(2) For the purposes of section 1(5)(a) regulations also “impose financial sanctions” if they impose prohibitions or requirements for the purpose of preventing persons from entering into, or continuing to be a party to, arrangements for commercial purposes, or for prescribed commercial purposes, with—

(a) designated persons,

(b) persons connected with a prescribed country, or

(c) a prescribed description of persons connected with a prescribed country.

(3) In subsection (1) any reference to funds, economic resources or financial services being made available, received, procured or provided is to their being made available, received, procured or provided (as the case may be) directly or indirectly.

(4) In subsection (2) “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

(5) Sections 60 and 61 contain definitions for the purposes of this Act of—

“economic resources”,

“financial products”,

“financial services”,

“freeze”, and

“funds”.

(6) Section 62 makes provision about the meaning of —

(a) funds or economic resources being “owned, held or controlled” or “made available” (see subsection (4) of that section),

(b) a person “owning” or “controlling” another person (see subsection (5) of that section), and

(c) a person being “connected with” a country (see subsection (6) of that section).

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: ok · Stored artifact; current recipe verification unavailable

Regulations impose financial sanctions by freezing assets, restricting financial services, or barring commercial arrangements with designated persons.

(1) For the purposes of section 1(5)(a) regulations “impose financial sanctions” if they impose prohibitions or requirements for one or more of the following purposes—

(2) For the purposes of section 1(5)(a) regulations also “impose financial sanctions” if they impose prohibitions or requirements for the purpose of preventing persons from entering into, or continuing to be a party to, arrangements for commercial purposes, or for prescribed commercial purposes, with—

(3) In subsection (1) any reference to funds, economic resources or financial services being made available, received, procured or provided is to their being made available, received, procured or provided (as the case may be) directly or indirectly.

Regulations impose financial sanctions under (1) by imposing prohibitions or requirements to freeze funds or economic resources owned, held, or controlled by designated persons, prevent financial services from being provided to, procured from, or relating to financial products of designated persons or persons connected with a prescribed country, prevent funds or economic resources from being made available to or received from such persons, or prevent ownership, control, or prescribed interests in non-individual entities. Under (2), regulations also impose financial sanctions by barring entry into or continuation of commercial arrangements.

screening.pep_sanctions_adverse_mediamonitoring.ongoing_kyckyb.company_verification

Refers to

cross-reference internal_cite · s. 1

cross-reference internal_cite · s. 60

cross-reference internal_cite · s. 61

cross-reference internal_cite · s. 62

cross-reference internal_cite · s. 9

Referred to by

cross-reference internal_cite · Sch. 1 para. 38

cross-reference internal_cite · s. 1

cross-reference internal_cite · s. 17

cross-reference internal_cite · s. 31

cross-reference internal_cite · s. 34

cross-reference internal_cite · s. 40

cross-reference internal_cite · s. 9

Part summaries

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Verification findings (153)

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Instrument tier unavailable

Change history as published

S. 2 omitted (15.3.2022) by virtue of Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), ss. 57(3), 69(3)

S. 18 omitted (15.3.2022) by virtue of Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), ss. 63(1)(a), 69(3)

S. 24 omitted (15.3.2022) by virtue of Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), ss. 62(1)(a), 69(3)

S. 28 omitted (15.3.2022) by virtue of Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), ss. 62(1)(b), 69(3)

S. 30 omitted (15.3.2022) by virtue of Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), ss. 62(1)(c), 69(3)

S. 32 omitted (15.3.2022) by virtue of Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), ss. 63(1)(b), 69(3)

S. 46 omitted (15.3.2022) by virtue of Economic Crime (Transparency and Enforcement) Act 2022 (c. 10), ss. 63(1)(c), 69(3)

S. 58 omitted (1.1.2024) by virtue of The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 88(3)

Pending effects amendments not yet applied to this text

s. 49 modified by Financial Services and Markets Act 2023 s. 77(1)(2) · Effective date unknown · s. 49

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2018/13
Part: CHAPTER 1 Power to make sanctions regulations
Version: bdd84c1dd9179d72500101d1…
Content hash: sha256 c83615755d0c2fb45eecf255…
Source: legislation.gov.uk/ukpga/2018/13