According to the Wall Street Journal on December 25, sanctions compliance lawyers said that as the Brexit transition period draws to an end, companies need to pay attention to possible changes in the British sanctions regime.
The transition period will end on December 31. During the transition period, British individuals and businesses are required to comply with the EU sanctions regime. After the end of the transition period, Britain can implement its own sanctions regime.
Some companies will have to deal with at least three different sanctions regimes after the transition period, namely, the UK, the United States and the EU sanctions regimes, which make compliance more difficult, according to the lawyers who advise the enterprise.
“Businesses need to recognize that changes will soon come and ensure their oversight systems can detect changes in the UK sanctions regime related to U.S. and EU sanctions,” said Chris Warren-Smith, a partner at Morgan Lewis Law Firm.