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