Following the introduction of monetary penalties for financial sanctions breaches on 1 April 2017 (see previous blog), HM Treasury’s Office of Financial Sanctions Implementation (OFSI) has published guidance on the new provisions, and has responded to the consultation (see blog here). OFSI now has the power to impose penalties of up to £1million or 50% of the value of the breach, whichever is higher. The guidance and consultation response are here:
- Monetary penalties for breaches of financial sanctions
- A response to OFSI’s consultation on the guidance
- Updated general guidance
The form to report suspected sanctions breaches is here.