Brexit is done, sort of. As Andre Bywater, partner at Cordery Compliance explains, the deal the United Kingdom struck with the European Union applies primarily to goods, not services. While the trade is free from tariffs, it’s not free from paperwork. In addition, while there is a temporary agreement in place on data transfers, an adequacy decisions is still needed for the long term.
So what does this mean for compliance teams? A great deal. For one, it’s dangerous to assume that what applies to the EU also applies to the UK, and vice versa. Shipments of goods through the UK will likely be impacted, and plans should be made in case data flows are interrupted.
Global companies should also anticipate even more complexity in all the already challenging risk area of sanctions. The UK will likely want to continue to make it mark in this arena and also in the oft-related issue of modern slavery.
Business also needs to plan for more complex labor issues. Moving staff between the UK and EU will be significantly more complex with visa issues needing to be navigated.
Listen in to learn more about what Brexit means today, and what your compliance program needs to do for the post-Brexit future.