Sanctions have repercussions for the shipping industry
- FOIL
In anticipation of the UK’s departure from the EU, the Sanctions and Anti-Money Laundering Act 2018 (SAMLA) was passed. Although this came into effect on 22nd November 2018, its real impact was felt after 1st January 2021, when, while adopting existing EU law into domestic law, the UK became free to implement its own laws and regulations. Although the UK is now working to align its sanctions policy with both the EU and the US, those involved in compliance need to be aware of any technical differences.
