Overview of the Act
The Sanctions and Anti-Money Laundering Act 2018:
enables the UK to continue to implement United Nations (UN) sanctions regimes and to use sanctions to meet national security and foreign policy objectives; and
enables anti-money laundering and counter-terrorist financing measures to be kept up to date, helping to protect the security and prosperity of the UK and to continue to align the UK with international standards.
	These matters are currently mostly dealt with through EU law. This takes effect through the European Communities Act 1972 or through legislation made under it. The European Communities Act 1972 will be repealed when the UK withdraws from the European Union (EU).
	The Act is in three parts and has three schedules:
Part 1 provides powers to create sanctions regimes and contains procedures relating to the review of sanctions.
Part 2 provides powers to create anti-money laundering and counter-terrorist financing regulations, and contains provisions relating to registers of beneficial owners of overseas entities and beneficial owners of companies registered in British Overseas Territories.
Part 3 contains general provisions supporting Parts 1 and 2 of the Act, including definitions.
Schedule 1 makes further provision about regulations which impose trade sanctions and relates to section 5 in Part 1.
Schedule 2 makes further provision about regulations for the purposes of anti-money laundering and counter-terrorist financing and relates to section 49 in Part 2.
Schedule 3 makes consequential amendments to related primary legislation.