UK’s OFSI Imposes First Monetary Penalty for Breach of Sanctions

4 March 2019
View Debevoise Update
Key takeaways:
  • On 21 January 2019, the Office of Financial Sanctions Implementation (“OFSI”) imposed a monetary penalty of £5,000 against Raphaels Bank for breaching EU sanctions against Egypt.
  • This marks the first time that OFSI has used its ability to impose civil fines for breaches of financial sanctions.