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 […]