Sanctions and Anti-money Laundering Act 2018

Treasury written question – answered on 12th November 2018.

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Photo of Helen Goodman Helen Goodman Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Chancellor of the Exchequer, what estimate he has made of the money which will accrue to the public purse as a result of the coming into force of the Sanctions and Anti-Money Laundering Act 2018; and for what reason that estimate was not published in the Avoidance and Evasion section of Budget 2018.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Sanctions and Anti-Money Laundering Act 2018 created no new monetary penalties for financial sanctions or anti-money laundering breaches. Any monetary penalties for breaches of financial sanctions imposed using the powers established by the Act will be paid into the Consolidated fund. No estimates have been made of the value of such potential penalties, or any other consequential implications for the public finances.

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