The U.K. government’s plans for a unilateral sanctions regime after Great Britain leaves the European Union in 2019 extend beyond the necessary reforms and will create an additional compliance burden for international firms, say analysts.
The British government said it will continue working closely with members of the European Union to impose and implement blacklists even as it outlined plans for new autonomous sanctions authorities after the United Kingdom exits the bloc.
An unsatisfactory trade deal between the United Kingdom and the European Union probably will not derail cooperation against money launderers, fraudsters and other criminals in both jurisdictions despite apparent warnings otherwise, say analysts.
British officials on Thursday confirmed their intention to keep national sanctions in line with those of the European Union following the United Kingdom's intended departure from the bloc in 2019.
Several London-based banks are considering establishing back offices within other European countries to maintain access to the EU market should the United Kingdom's plan to leave the economic bloc go forward.
Britain's historic vote to quit the European Union is likely to result in only modest changes to the country's efforts to fight financial crime and coordinate economic sanctions, at least in the short term.
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