New UK sanctions regimes in force today

Posted on 01 Jan 2021 by Brick Court

Maya Lester QC

The UK has new sanctions regimes that come to force today.  The UK is no longer implementing EU sanctions (because the Brexit transition period has ended). OFSI notice here with guidance from the UK sanctions regulator. In brief:

• New UK sanctions regulations are now in force made under the UK Sanctions & AML Act.

• There is a new consolidated list of asset freeze targets to reflect UK designations made under Sanctions Act regulations. These are not all the same as the EU sanctions list, eg 113 people / entities that were listed by the EU are not UK-listed.

• There is now a licensing application page including the Sanctions Act licence application form for new UK sanctions exceptions.

• OFSI has published a bridging document to help facilitate sanctions screening as a result of the changes to the list.

• Further details on the UK sections of www.europeansanctions.com

Brick Court Chambers will be discussing the new UK sanctions regimes at lunchtime on 22 January 2021.  Details to follow.