EU plans to standardise sanctions welcomed, but 'impractical'

EU plans to standardise sanctions welcomed, but 'impractical'

Proposed plans for the European Union to standardise sanctions regimes are good in theory, but realising them could prove difficult, say some in the industry.

“What they’re trying to achieve is a really fantastic idea, because it is an issue,” says Stephen Hancock, director of regulatory and financial crime programmes at Wolters Kluwer Financial Services. “The reality is, though, I’m not quite certain how it will actually work.”

In mid-December, the European Commission issued a communication