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. In a "consultation response" to industry feedback on its planned legal framework for sanctions after Brexit, the U.K government disclosed last week that its Sanctions Bill will depart from EU policy by allowing law enforcement to freeze and detain assets based on a reasonable suspicion of criminal conduct, regardless of whether the funds were derived from or intended for crime. In addition, the government said...
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 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.
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.