The Sanctions and Anti-Money Laundering Bill (the “Bill”) was introduced to the House of Lords on 18 October 2017. It is scheduled to have its second reading on 1 November 2017. The Bill seeks to enable the UK to continue to comply with the current UN sanctions regime after Brexit and is the first item of legislation brought to the House of Lords as part of the Brexit process.
The free movement of persons occupied a high profile role during the EU referendum debate and continues to do so now. It is a widely accepted principle of EU law that the four fundamental freedoms (the freedom of goods, services, people and capital) are linked to the single market, and therefore, if the UK wishes to abandon the right to free movement of people, it must also give up its access to the single market.
Most UK companies and all UK limited liability partnerships must keep a register of “persons with significant control” (the PSC Register). The aim of the PSC Register is to ensure individuals with significant beneficial interest or other controlling powers in a company are easily identifiable.
In March the UK government published its white paper titled ‘Legislating for the United Kingdom’s withdrawal from the European Union’ (the “White Paper”). The White Paper outlines the government’s proposals in respect of the “Great Repeal Bill” and how it plans to transpose EU law into UK law.
Companies House published its strategic plan for 2017-2020 and its business plan for 2017-2018 on 19 April 2017. The business plan notes that the Fourth Money Laundering Directive (“4MLD”) will be implemented by the end of June this year.