The UK Office of Financial Sanctions Implementation (OFSI) has recently published details of the first monetary penalty it has imposed for breach of financial sanctions since civil penalties for breaches of financial sanctions were introduced by the Policing and Crime Act 2017. At this stage, OFSI has elected to provide a brief summary of the […]

First UK Sanction (OFSI) monetary penalty On 21 January 2019, OFSI imposed its first monetary penalty. The penalty is £5,000 on Raphaels Bank in the UK for violating EU Egypt sanctions, namely dealing with £200 in funds belonging to a designated person. OFSI reduced the penalty by 50% from £10,000 because Raphaels Banks itself disclosed […]

The European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017 (the regulations) came into force on 8 August. The regulations extend to independent legal professionals and other relevant businesses or professionals the requirement to inform the Office of Financial Sanctions Implementation (OFSI) of known or suspected financial sanctions breaches. (An independent legal professional is defined in […]

From April 2017, UK companies breaching financial sanctions may be hit with a £1 million penalty. Following new powers under the UK Policing and Crime Act, the UK’s Office of Financial Sanctions Implementation in the UK (OFSI) can: Impose civil penalties of up to £1 million for breaches relating to financial funds, or 50% of […]

On 1 April, HM Treasury received new powers to impose potentially significant monetary penalties on companies and individuals for breaches of financial sanctions law. These are an alternative to criminal enforcement, which remains an option. The new monetary penalties regime will be administered by the Office of Financial Sanctions Implementation within HM Treasury (OFSI), which has […]

From April 2017, the Treasury’s Office of Financial Sanctions Implementation (OFSI) will be able to impose penalties for serious breaches of up to £1 million or 50% of the breach- whichever is higher. http://bit.ly/1LWTYvn The legislation is part of a raft of wider measures to toughen the government’s response to sanctions breaches in the Policing […]

Sanctions are in place in respect of North Korea. For more information, see Practice note, Sanctions: breach of prohibitions. The Office of Financial Sanctions Implementation (OFSI) has published guidance on the requirements for credit and financial institutions under the new measures in Article 5a of the amended EU Regulation 329/2007 (the Regulation) introduced on 4 […]

OFSI has released new sanctions guidance – April 2016 – Read more in the link below: http://bit.ly/1q6qCAx