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.
The U.K. financial regulator said it plans to "substantially" maintain its current enforcement approach when implementing the European Union's anti-money laundering legislation.
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.
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.
Financial institutions in the United Kingdom might not be slapped with both civil and criminal penalties for breaching the country’s sanctions regime next year if they can prove mitigating circumstances, a government official told ACAMS moneylaundering.com.
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.
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