On 31 December 2020, the sanctions currently in force will be replaced in the UK with statutory instruments made under the Sanctions and Anti Money Laundering Act 2018 (SAMLA). Six law firms worked with UK Finance to produce the UK Sanctions SI Review, which covers all currently laid UK statutory instruments under SAMLA imposing sanctions originally derived from EU legislation.
The Review, which will be regularly updated, aims to help businesses and lawyers understand the areas where the incoming SAMLA regime may differ from current compliance obligations.
Jamie Rogers, partner at Hogan Lovells, said: ‘Failure to comply with the latest sanctions requirements can put businesses at risk of hefty fines or reputational damage. The Review will help companies to prepare and adapt to the evolving sanctions landscape post-Brexit.’
The Review is available at: bit.ly/3eJEJ9M.
