Q&As

What does Brexit mean for financial sanctions?

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Published on LexisPSL on 05/02/2020

The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:

  • What does Brexit mean for financial sanctions?
  • What are sanctions
  • Impact of Brexit

What does Brexit mean for financial sanctions?

The UK has left the EU on the basis of the Withdrawal Agreement as implemented in the European Union (Withdrawal) Act 2018 and the European Union (Withdrawal Agreement) Act 2020. However, we are now in an implementation period running until 31 December 2020 during which time the UK will generally continue to abide by EU rules.

The government will enter into negotiations for a post-Brexit UK-EU relationship. In a situation where no new arrangements are put in place by the end of the year (a ‘non-negotiated outcome’), legislation previously prepared for a no-deal scenario will apply.

What are sanctions

Sanctions are international measures aimed at:

  1. encouraging a change in the behaviour of a particular country or regime

  2. applying pressure on particular countries or regimes to comply with certain objectives

  3. preventing and suppressing terrorist financing

They are also used as a last-resort enforcement tool when international peace and security has been threatened.

Sanctions

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