Overview

This bill amends the Sanctions and Anti-Money Laundering legislation, primarily focusing on strengthening enforcement powers, particularly regarding goods transported on ships, and enhancing transparency around beneficial ownership of companies registered in British Overseas Territories. It also introduces mechanisms for independent review and reporting on the use of these powers.

Description

The bill significantly expands the powers of UK authorities to intercept and investigate goods potentially involved in illegal activities on ships, both in UK and international waters. This includes the power to stop, board, search ships, and seize goods. These powers are subject to conditions, such as reasonable suspicion and, in the case of foreign ships and waters, the consent or request of the relevant state or international body. The bill further mandates the creation of publicly accessible registers of beneficial ownership of companies in British Overseas Territories to combat money laundering. Additional provisions establish independent reviews of regulations relating to counter-terrorism, asset freezes, and reporting requirements to Parliament on the exercise of regulatory powers and the outcome of any reviews, enhancing accountability. Maximum penalties for new offences created under the legislation are outlined, with the upper limit being ten years imprisonment upon indictment.

Key Amendments:

• Enhanced powers to investigate and seize goods on ships in international waters.
• Mandatory public registers of beneficial ownership for companies in British Overseas Territories.
• Independent review mechanism for certain regulations.
• Increased reporting requirements to Parliament.

Government Spending

The bill will incur costs associated with increased enforcement activities, the establishment of public registers, conducting independent reviews, and the preparation of reports to Parliament. No specific figures are provided in the amendment text.

Groups Affected

• Shipping Companies: Subject to increased scrutiny and potential delays due to enhanced powers of inspection and seizure.
• Companies registered in British Overseas Territories: Required to establish public registers of beneficial ownership.
• Law Enforcement Agencies: Granted expanded powers, requiring additional resources and training.
• Parliament: Receives increased reporting obligations, enhancing oversight.
• Individuals involved in illicit activities: Face increased risk of detection and prosecution.

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