The first in a series of four notes looking at the Sanctions and Anti-Money Laundering Act 2018. This post looks at the foundations of the act.

This is the first of eight notes looking at the UK's sanctions framework, and in particular at: how sanctions legislation is structured; how the Russian sanctions regime has been implemented; how the courts have approached difficult questions about how sanctions affect individuals; and, finally, how sanctions are enforced in practice by UK authorities.

On 19 March 2026 the Privy Council (the Board) handed down judgment in A and 6 others v C and 13 others [2026] UKPC 11 (A v C). It is an important judgment for protectors, trustees and beneficiaries as it sets out a first principles analysis of the basis upon which a protector may exercise his or her power to veto a trustee’s decision.

On 4 February 2026, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) (the Regulations) were published. The Regulations will commence on 25 October 2027, although provisions enabling the FCA to issue directions, guidance and rules will come into force sooner.

The British Virgin Islands (BVI) has updated its framework for the collection and maintenance of Beneficial Ownership (BO) information to align with international standards against money laundering and financial crime. These revised guidelines, issued under the BVI Business Companies and Limited Partnerships (Beneficial Ownership) Regulations, 2024, introduce significant obligations for legal entities and their owners.

For the past 15 years, global tax transparency has been a central theme of the OECD’s work, and it has been successful. Bank secrecy has effectively ended, and the automatic exchange of information on financial accounts (via the Common Reporting Standard) has become the norm. However, one major asset class has remained a blind spot for tax authorities: cross-border real estate.

Twice a year HMRC publishes its Trusts and Estates Newsletter. The latest update from HMRC (published on 4.2.2026)  provides critical guidance for taxpayers regarding significant reforms to inheritance tax, administrative changes for bereavement services, and shifting tax rates for trusts and estates.