On 21st March, OFSI published information reminding one that the Sanctions and Anti-Money Laundering Act 2018 (SAMLA) is intended to enable sanctions to continue uninterrupted when the UK leaves the EU. It says that under the new framework, any existing financial sanctions licence issued by HM Treasury will remain valid until the date they are replaced by a licence under the new regime, until the expiry date stated on the licence, or if they are revoked.
In the event of a no-deal Brexit, where applying for a licence or an amendment to an existing licence –
- up to EU Exit, OFSI will receive applications and amendment requests as normal; and
- after EU Exit –
- if you apply for a new licence or an amendment to an existing licence and the regime is under new regulations made under SAMLA, you will have to apply for a new licence under the SAMLA regime. The process for applying for a new licence under a SAMLA regime will follow the same format as the current application process, and further guidance will be provided in due course; or
- if you apply for a new licence or an amendment to an existing licence, and the regime comes under EU retained law (i.e. there is not a SAMLA regime in place yet), amendments and licence applications will continue as they do currently.