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Tag Archives: OFSI

Posted in Regulatory and legislative updates, UK

UK: Implementation of UN Financial Sanctions Resolution under the Policing and Crime Act 2017

The Policing and Crime Act 2017 (the “2017 Act“) has introduced measures to strengthen the effectiveness of the UK’s financial sanctions regime. The delay in the implementation of UN sanctions as a result of EU processes is one strand that has been addressed and will be discussed in greater detail below. The 2017 Act also

Posted in Regulatory and legislative updates, UK

UK: OFSI guidance published regarding monetary penalties for breaches of financial sanctions

Executive Summary The Policing and Crime Act 2017 (the “2017 Act“) came into effect on 1 April 2017, and introduced a number of changes, including new powers for the Office of Financial Sanctions Implementation (“OFSI“) to impose increased monetary penalties. Those penalties are the greater of £1 million or 50% of the value of the

Posted in Regulatory and legislative updates, UK

UK: Financial Sanctions Reform

In the Summer Budget 2015 the UK government announced plans to reform the financial sanctions regime, including the creation of a new financial sanctions regulator, the Office of Financial Sanctions Implementation (“OFSI”). The rationale behind these proposals was to ensure that financial sanctions are properly enforced and to create better awareness and understanding by businesses