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UK’s OFSI to Impose Cash Penalties for Sanctions Violations
6 December 2016
View Client Update
On 1 December 2016, the Office of Financial Sanctions Implementation (“OFSI”) issued a consultation paper on its proposed guidelines for imposing civil penalties for breaches of financial sanctions.
The consultation paper provides valuable insight as to when OFSI will impose civil fines, how their value will be calculated and the types of mitigating and aggravating factors that OFSI will consider (with particular emphasis on self-disclosure and cooperation).
The proposed guidelines and the Policing and Crime Bill herald a stricter sanctions enforcement regime in the UK.
International Sanctions Compliance & Enforcement
White Collar & Regulatory Defense
Banking Enforcement & Litigation
Regional & Other Practices
White Collar & Regulatory Defense in Europe
UK Modern Slavery Act Transparency Statement
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