UK Government Consults on the UK's Legal Framework for Financial Sanctions upon Brexit
04/21/2017The UK Government has published a consultation on the UK's future legal framework for imposing and implementing financial sanctions upon Brexit. The UK currently adopts sanctions through EU legislation, which is effective via the European Communities Act 1972. The ECA will be repealed upon Brexit and the limited domestic powers to impose sanctions are insufficient to replicate the full range of sanctions currently in force. The UK will need new laws to preserve and update sanctions in conjunction with other countries as well as autonomously. The new laws will need to ensure that the Government has the ability to impose and implement travel bans, asset freezes and financial and trade restrictions. The legislation must be in place before Brexit and its entry into force must coincide with the date of actual withdrawal. The consultation covers proposed powers to designate individuals and impose financial and trade restrictions, proposed procedures for the exercise of powers, review and challenge mechanisms, reporting and licensing regimes and enforcement of sanctions.
While the UK is still a member of the EU, it will continue to use the EU legislation to implement its sanctions policy. Responses to the consultation are requested by June 23, 2017.
View the consultation paper.