OFSI guidance & consultation response on new sanctions powers

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:

The form to report suspected sanctions breaches is here.

This entry was posted in United Kingdom by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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