Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Global | Publication | May 2017
On 21 April 2017 the government launched a consultation on the United Kingdom’s future legal framework for imposing and implementing sanctions (the Consultation). The Consultation paper sets out the government’s proposals for, and invites responses on, the future framework for sanctions regimes once the UK has completed its withdrawal from the European Union. This is necessary because many powers used in relation to sanctions exist by virtue of the UK’s membership in the EU.
As with the Policing and Crime Act, the Consultation demonstrates the UK government’s intent that the UK sanctions regime will become more important in a post-Brexit world. Whilst the basic tools available to it are unlikely to change, the focus on sanctions early in the two-year Article 50 exit period signals their value. How UK foreign policy will or will not diverge from EU policy remains to be seen, but an interest in increased enforcement is obvious. In their risk and compliance reviews, corporates and financial institutions alike would do well to anticipate enhanced scrutiny from OFSI and coordination with its US counterpart, OFAC.
As with the Policing and Crime Act, the Consultation demonstrates the UK government’s intent that the UK sanctions regime will become more important in a post-Brexit world. Whilst the basic tools available to it are unlikely to change, the focus on sanctions early in the two-year Article 50 exit period signals their value. How UK foreign policy will or will not diverge from EU policy remains to be seen, but an interest in increased enforcement is obvious. In their risk and compliance reviews, corporates and financial institutions alike would do well to anticipate enhanced scrutiny from OFSI and coordination with its US counterpart, OFAC.
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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