Jon Holland & Catherine Robert forecast the implications of Brexit for financial crime regulation
- Brexit is likely to have a significant impact on the UK’s financial sanctions regime, a low impact on the anti-money laundering regime and no impact on anti-bribery measures.
Much of the UK’s financial crime legislation is derived from European law and international initiatives. This article looks at the changes, advantages and problems which we may encounter post-Brexit.
At present, it is not clear what form Brexit will take, but we have assumed that the government’s Great Repeal Bill will be passed and that it will repeal the European Communities Act 1972. If that’s right, Brexit will not have an immediate impact on financial crime regulation because all pre-Brexit EU law will be transposed into domestic law while the government decides whether to repeal, amend or keep it, but this article considers the longer-term implications.
In summary, the biggest impact is likely to be felt in relation to financial sanctions, where the government will need to re-consider the legal
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