A comparison between the cut British DVD by Warner Home Video (BBFC 18) and the uncut German DVD by Warner Home Video (FSK 18).

Runtime of the uncut Director's Cut: 109:47,28 min (w/o end credits)
Runtime of the British Director's Cut: 109:17,16 Min (w/o end credits)

2 cuts = 30.12 sec

1:28:56,96
After the South African ambassador's henchmen tried to drown Martin Riggs, the following revenge on his tormentors was cut.
Missing is, how he strangles the first one with a chain and then breaks his neck. He smashes the other one face first through a car window, then holds him down on the passenger's side and smashes the door shut four times.
23.44 sec

1:41:14,52
During the showdown on the ship 'Alba Varden', Riggs unloads his entire clip on an enemy. The UK version only shows the first 4 shots.
At this point, there is a goof to be seen in the German Director's Cut. The shirt of the guy who's getting shot gets riddled with bullets, but in the last shot its undamaged.
6.68 sec