UK Finance written evidence to the Foreign Affairs Committee's inquiry into the future of UK sanctions policy

We thank the Committee for the opportunity to submit written evidence to its inquiry to explore and evaluate the different options for the UK's approach to sanctions policy after leaving the EU.

In preparing this response, we have drawn on the expertise of our well-established sanctions panel of European and international banks. This panel works extensively on mechanisms to improve the effectiveness of sanctions compliance and undertakes significant engagement with EU and US counterparts. At an international level, we have been working closely with the United Nations, the EU and UK Government officials on a range of sanctions implementation matters, such as: the impact of the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA), US specific sanctions on Russia, humanitarian issues and mitigating the risk of North Korean sanctions evasion. Furthermore, we provide expert input into a number of international groupings and currently chair the European Banking Federation Sanctions Expert Group.

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