Abiding by the ever-expanding reach of global sanctions laws is a growing worry for compliance teams at payment firms and banks, and the UK’s departure from the European Union could be about to complicate the task, leading lawyers have warned.
In a no-deal Brexit scenario, the UK will keep all current EU sanctions on its books; parliament has already passed a tranche of statutory instruments to ensure sanctions are in place on day one of life outside the EU.
But fights are already breaking out over whether the UK should chart an independent course on post-Brexit sanctions policy, or if it should align itself more closely with either Brussels or Washington, D.C.
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