Header graphic for print
Global Insurance Blog International Insurance and Reinsurance News, Trends, and Cases

Tag Archives: sanctions enforcement

Posted in UK

UK: OFSI flexes its muscles in imposition of first monetary penalty for breach of financial sanctions

Executive summary: On 21 January 2019, OFSI issued its first monetary penalty for a breach of financial sanctions, marking a significant development in the UK’s evolving sanctions enforcement landscape. OFSI’s first use of its new monetary penalty powers, introduced by the Policing and Crime Act 2017, resulted in a £5,000 penalty issued to R. Raphael