In the four years since the Brexit referendum in June 2016, there have been many column inches and headlines devoted to the repercussions of the vote and the British people’s decision to leave the European Union. One area often overlooked in these discussions is the impact of Brexit on sanctions. A post-Brexit world means the United Kingdom must now use its power to issue sanctions itself, which is a big deal in practical terms and politically. In this insight piece, we will explore why and what impact it will have on compliance professionals.
Out of the shadows
National government and international bodies like the United Nations and the European Union impose financial sanctions and restrictive measures to deter or bring about change to entities and individuals that endanger their domestic interests or violate international norms of behavior. The United States also issues sanctions, often with a wider reach and more serious consequences than the United Nations and European Union.
