UK Government Publishes its Response to Public Consultation on the UK's Future Sanctions Framework08/02/2017The UK Government has published its response to its April 2017 public consultation which sought views on the legal measures that would be needed in order to continue to be able to impose and implement sanctions following the UK's withdrawal from the European Union. Due to the fact that many of the current sanctions regimes are established via powers in the European Communities Act 1972, the UK will need new legal powers to replace these once that Act is repealed and the April 2017 consultation set out proposals for a new sanctions framework to address this need. The Government intends to introduce a Sanctions Bill during the current Parliamentary session which will ensure that the UK has the necessary legal powers to implement sanctions after the UK's exit from the EU. The Bill will also give the UK greater flexibility in choosing when and how to introduce new measures. The Government proposes that the Bill will create new powers to impose, implement and enforce sanctions regimes, drawing on the current EU model. Additionally, new asset-freezing provisions will make it easier to stop suspected terrorists from accessing their money. Flexibility will be provided by introducing an annual review of regimes to ensure that they remain appropriate and by provisions that will enable the government to issue exemptions when needed, for example in delivering humanitarian aid in regions affected by sanctions. The Bill will also provide a framework for individuals and organisations to challenge any sanctions imposed on them.
View Government's Press Release.
View Government Response to Consultation.
Financial Regulatory Developments Focus