Context
The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented, and enforced in the United Kingdom. It has published an updated version of its monetary penalty guidance.
Key points to note
This guidance describes OFSI’s processes and considerations in relation to the issue of monetary penalties for breaches of financial sanctions, including:
- The case assessment process
- Penalty calculation process
- Procedural rights
This guidance will come into force on 1 April 2021. Any breaches reported to OFSI on or after that date will be assessed using the new guidance. This is the first update to the monetary penalty guidance since May 2018. It incorporates some of the lessons learned through OFSI’s monetary penalty cases as well as clarifying OFSI’s position where needed.
Next actions
None – for information