By Mengqi Sun Close Mengqi Sun Dec. 24, 2020 6:00 am ET Companies need to be aware of likely changes to the U.K.’s sanctions regime as the end of the Brexit transition period approaches, sanctions compliance attorneys said.
Some companies would have to navigate at least three different sanctions regimes after the transition—the U.K.’s, the U.S.’s and the EU’s—adding to compliance complexity, according to lawyers who advise companies. The Foreign, Commonwealth and Development Office, the agency that determines the U.K.’s sanctions policy, has already laid out regulations for more than 30 sanctions regimes, according to the Office of Financial Sanctions Implementation, which implements and enforces the U.K.’s financial sanctions.
What’s next? The consolidated lists of financial sanctions targets the OFSI maintains would be updated on Dec. 31 to reflect all the financial designations made under the U.K.’s regulations, the agency said. The agency issued a bridging document last week to help entities process the changes to the consolidated list, especially if they conduct automated sanctions screening.
This may include reviewing processes and monitoring sanctions-screening software. That also means reviewing business activities such as those related to Iran and Cuba, where the U.S. and EU have significantly different approaches, according to Mr. Warren-Smith.
Said with sarcasm, 'Brexit is such a good idea.'
Crap! That is not all? let's see? start with our Constitution, then move to Freedoms! America is not America anymore? land of the free is gone! Home of the Brave is long gone! Over half the population is afraid of a virus
2000 pages of nitpicking detail, footnotes, clauses & sub clauses...I’d wager my house sovereignty isn’t mentioned once 🇬🇧🇪🇺
wow