Part 8: Financial sanctions Section 152: Implementation of UN financial sanctions Resolutions: temporary regulations
This section enables the UK to comply with its international treaty obligations under the UN Charter by putting UN-mandated financial sanctions regimes into place "without delay". While there is no definition of "without delay", the Financial Action Task Force have said that this should be ideally "within hours" and indicated this should be at most "within 48 hours". Historically the EU has taken significantly longer than 48 hours to implement new UN-mandated financial sanctions regimes. This delay exposes the UK to asset flight from UN listed persons and places the UK in breach of its international obligations. In order to avoid both of these issues, subsection (1) provides the Treasury with the power, by regulations (subject to the negative procedure), to create a temporary financial sanctions regime to implement a UN-mandated financial sanctions regime.
	Subsection (2) requires the temporary regime to contain a provision ensuring that they cease to have effect either when EU implements the UN-mandated regime, or after the end of the default period, whichever is shorter. Subsection (2)(b) provides for the default period to commence when the relevant UN Security Council Resolution is adopted and to end no more than 30 days after this date. Subsection (3) enables the Treasury to make a further regulation to extend this the default period by a further 30 days, and subsection (4) limits the use of this extension power to one occasion, with the result that the default period can never be more than 60 days from the date of adoption of the UN Security Council Resolution.