UK introduces new sanctions enforcement regime

OFSI 

 

Today, the Office of Financial Sanctions Implementation (OFSI) published guidance to support the introduction of monetary penalties for financial sanctions breaches from 1 April 2017. For more information, please read our news release.

From today, OFSI will start to use powers to impose penalties for serious financial sanctions breaches. These can be up to £1 million or 50% of the breach, whichever is higher. To support this change, OFSI has published the following documents:

With the introduction of monetary penalties, it is strongly in your interest to report suspected breaches of financial sanctions to OFSI.

The form to report suspected breaches can be found here

 

If you have any queries about the new powers or the information contained in our guidance, please contact OFSI.

Link:

HMT Update

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