Overview
Steptoe London partner Meredith Rathbone was quoted throughout an August 2 Law360 article titled “Post-Brexit Sanctions Plan May Raise Risks For City Firms.” The article discusses the Sanctions Bill, a new proposal from the Foreign and Commonwealth Office, which would allow the UK to draw up and enforce its own rules, rather than abide by laws drawn up by the European Union. Some attorneys believe this would open the door for the country to take a more aggressive approach to economic sanctions after Brexit, raising the stakes for financial services firms that may face significantly greater risks while storing and moving huge sums of money through London's banks and around the globe.
Ms. Rathbone says that the message to firms is get their voices heard while the UK is considering its post-Brexit approach and preparing for the Sanctions Bill. “Every time a country — especially one as important to the financial sector as the UK — imposes sanctions that are different from those imposed by another country, it increases both compliance costs and risks for the companies around the world trying to comply.”
The full article can be read at Law360 (subscription required).
