Treasury, the FCO and the Department for International Trade have announced the publication of the Sanctions Bill, which will ensure the UK has the necessary powers to implement sanctions post-Brexit and also give it greater flexibility on introducing new measures. The Sanctions Bill will legislation to repatriate powers on non-UN snactions from the EU to the UK. Following consultation, the Government has decided to:
- create new powers, based on the current EU model, to impose, implement and enforce sanctions regimes;
- review regimes annually to check they are still appropriate;
- make sure there is a mechanism for individuals and entities to challenge sanctions imposed on them;
- allow the Government to make exemptions where necessary; and
- make it easier to stop suspected terrorists accessing funds by making it easier to freeze bank accounts.
Respondents to the Government’s consultation broadly supported its proposals, but there were some significant comments in certain areas. One area related to licences. The Government is now proposing to give OFSI more flexibility when granting licenses, and is suggesting a new framework to support this. It will also legislate for Government-issued guidance on the content and implementation of sanctions.