The UK Government has launched a public consultation on the UK’s future legal framework for imposing and implementing sanctions. The purpose of the consultation is to seek views on the legal powers the UK Government will need upon the UK’s withdrawal from the EU to continue to be able to impose and implement sanctions. Among other things the consultation notes that businesses play a crucial role in monitoring financial transactions involving sanctioned persons to ensure compliance. The UK Government expects the private sector to help ensure that restrictions on access to financial services and markets are upheld by taking steps to act in accordance with the prohibitions (for example, by not dealing in prohibited money market instruments). Businesses have a responsibility to freeze accounts and other financial products if they know or have reasonable cause to suspect that they are in possession or control of funds or economic resources of a sanctioned person. The deadline for comments on the consultation is 23 June 2017.

View UK government consults on legal framework for imposing and implementing sanctions, 23 June 2017