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Part I The International Law of Tainted Money, 5 International Legal Sources IV—the European Union and the Council of Europe »

Antonios Tzanakopoulos
From: Banks and Financial Crime: The International Law of Tainted Money (2nd Edition)
Edited By: William Blair, Richard Brent, Tom Grant
This chapter examines the European Union (EU) from the perspective of public international law. Financial crime, this chapter argues, is an international phenomenon that requires international solutions. This recognition has resulted in states cooperating on a number of different levels in order to streamline their responses to international financial crime. This chapter deals with the EU in two guises: as an independent source of international obligation for its member states, imposing discreet international obligations on them, which may even function so as to turn non-binding recommendations of international bodies into hard law, and as a peculiar entity interposing itself between international obligations from other sources (such as international treaties or UN Security Council binding resolutions) and domestic implementation of these obligations. The fact that some EU law has a more remote international source (such as a UN Security Council Resolution) may affect the degree and nature of the judicial scrutiny to which this body of law may be subject. The chapter looks first at sanctions and next at money laundering, both from the perspective of the EU.

Part II Public Obligations and Regulatory Responsibilities, B Sanctions and Regulatory Responsibilities, 9 UK Sanctions Regimes »

Antonios Tzanakopoulos
From: Banks and Financial Crime: The International Law of Tainted Money (2nd Edition)
Edited By: William Blair, Richard Brent, Tom Grant
There are two principle sources of sanctions regimes applicable to the UK, this chapter shows: those of the European Union (EU) and the United Nations (UN). The chapter first looks at the EU regime. The EU operates thirty-eight different sanctions regimes as of May 2016. They are of two types: regimes designed to implement UN-mandated sanctions regimes; and the EU’s autonomous sanctions regimes. Current EU policy on sanctions has been continuously updated. As the EU Basic Principles make clear, the EU looks principally to the UN Security Council as the source of sanctions. The UK sanctions regimes, which give effect to UN sanctions regimes, are principally introduced for three purposes: to legislate in the absence of EU competence (for example to introduce financial sanctions against so-called ‘domestic’ terrorists); to give effect to EU regimes (for example to impose penalties for failure to comply with obligations introduced by means of an EU Regulation); and to introduce measures ahead of an EU regime (where by acting unilaterally, the UK can act more speedily) or even independently.