The complete separation from the EU might lead institutions to conclude that the EU sanctions regimes no longer bite if they sit and do business in the UK only. What might slip past is that in general, under regime specific EU regulations, EU sanctions may continue to apply to EU nationals wherever they are located, including entities incorporated or constituted in any EU Member State.
The UK Sanctions Act produces a similar outcome in the reverse scenario. Section 21 of the UK Sanctions Act sets out that regulations imposing UK sanctions may continue to apply to UK nationals wherever they are located, including entities incorporated or constituted in any part of the UK.
The net effect is that the EU and UK sanctions regimes may continue to apply to their respective nationals, in any location. It is therefore important for institutions to keep this in mind in respect of their employees and customers. As a first step, institutions should have in place an up-to-date Risk Assessment and Risk Appetite Statement, along with an up-to-date Sanctions Policy, Standard and Procedure.
PLENITUDE INSIGHTS: Post-Brexit Reach of UK and EU Regimes
01 February 2021
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PLENITUDE INSIGHTS: Post-Brexit Reach of UK and EU Regimes
The 31st of December 2020 marked not only the end of the transition period of the UK’s withdrawal from the EU (Brexit) but it also marked the commencement of the UK’s autonomous sanctions regimes, in the form of regulations made under the UK’s Sanctions and Anti-Money Laundering Act 2018 (the UK Sanctions Act).
The UK Sanctions Act now provides the legal basis for the UK to impose, update and lift sanctions.
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