After exiting from European Union, The UK is on its own to mandate the rules and regulations for financial institutions and organizations. The UK is eager to demonstrate that it is a strong player on the global stage, which includes lively sanctions activity and compliance enforcement if needed.
The new measures target foreign governments, companies, groups, organizations, sectors, and individuals. One of the major focus in the new regime is trade sanction which imposes trade with certain nations and individuals as well, consist of:
Embargoes or restrictions on the export, sale, supply, and/or transfer of certain goods and technology;
The provision of technical and/or financial assistance and brokering services in respect of such goods; and
Travel bans on named individuals.
The UK is trying to implement country-specific regulations to replace the previously used European Union (EU) regulations that restrict and decrease money laundering activities as well as terrorist activities like arms trading, etc. Some of the other measures are related to the following:
Domestic and international counter-terrorism
Misappropriation of state funds
Unauthorized drilling activities
The UK is especially imposing tougher penalties including payment of £1,000,000 or 50% of the estimated value of the fund and resources and imprisonment up to seven years for the organization that indulges in malpractices and fails to comply with the new sanction laws. This does, however, put additional pressure on businesses to implement an effective sanctions screening policy which includes consideration of UK sanctions.