Part of HM Treasury, the Office of Financial Sanctions Implementation (OFSI) helps ensure that financial sanctions are properly understood, implemented, and enforced in the UK.
OFSI recently announced the launch of an updated version of its monetary penalty guidance, which will come into effect on 1 April.
This guidance document describes OFSI’s processes and approach to issuing monetary penalties for breaches of financial sanctions. This includes details of:
• the case assessment process
• the penalty calculation process
• procedural rights.
Breaches reported to OFSI on or after 1 April will be assessed in line with this revised guidance.
The changes made are the first since 2018. They reflect lessons learned from previous monetary penalty cases, and clarify OFSI’s position in certain areas.
For further details on this, or on any compliance-related topic, contact our expert team on 01925 767888, or email firstname.lastname@example.org.