The U.K. government introduced the long-awaited Sanctions and Anti-Money Laundering Bill on Wednesday, a week after the European Banking Authority told EU nations to scrutinize the AML programs of British banks planning to relocate to their nations ahead of Brexit.
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.
British lawmakers on Wednesday disclosed general plans for wielding an independent sanctions regime after the United Kingdom exits the European Union, but did not answer questions concerning the eventual scope of the restrictions and authority for enforcing them.
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.
print