EXPLANATORY NOTE
(This note is not part of the Order)
This Order revokes Orders in Council which gave effect in specified British overseas territories to various sanctions regimes established during the United Kingdom’s membership of the European Union or during the Transition Period (“sanctions orders”).
These sanctions orders are being revoked because they will be superseded by a new suite of Orders in Council that extend with modifications to specified British overseas territories the sanctions regulations made under Part 1 of the Sanctions and Anti-Money Laundering Act 2018 (“the Sanctions Act”).
Article 1(2) of this Order provides that the revocations of those sanctions orders will come into force at the corresponding time that the new sanctions regime established under the Sanctions Act takes effect in the relevant British overseas territories. Some of the new Orders in Council come into force on IP completion day, while others come into force immediately following the coming into force of the instruments listed at article 1(2)(a) of this Order, which make amendments to the sanctions regulations being extended.
An Impact Assessment has not been prepared for this instrument: no, or no significant, impact is foreseen on the private, voluntary or public sectors in the United Kingdom.