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. On Wednesday, U.K. officials denied accusations of attempting to strong arm their EU counterparts after Prime Minister Theresa May in a letter to Brussels disclosed her intention to agree trade and security terms simultaneously when negotiating the United Kingdom's exit from the 28-nation bloc. "[The] free trade agreement between the United Kingdom and the European Union ... should be of greater scope and ambition than any such...
British officials are in the early stages of considering whether to retain links to the European Union's sanctions after the United Kingdom exits the bloc, whose asset freezes and travel bans often don't survive judicial scrutiny.
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.