On February 1, HM Treasury and the UK Office of Financial Sanctions Implementation (OFSI) published guidance on financial sanctions in preparation for the United Kingdom’s exit from the European Union on March 29 (Exit Day) on the basis of no agreement on transitional arrangements being in place with the EU (no-deal Brexit).

The guidance will only go into effect when statutory instruments (SIs) under the Sanctions and Anti-Money Laundering Act 2018 transfer existing EU sanctions into UK law. The SIs will, in turn, only go into effect on Exit Day if there is a no-deal Brexit. The guidance is designed to ensure that sanctions continue to apply without interruption when the United Kingdom leaves the European Union.

The guidance is available here.