UK's OFSI Publishes Guidance on Monetary Penalties for Sanctions Violations
The United Kingdom's Office of Financial Sanctions Implementation published guidance on levying monetary penalties for financial sanctions breaches. The guidance explains HM Treasury's powers in the Policing and Crime Act 2017 that gave the agency the power to levy fines…
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for sanctions violations, summarizes OFSI's compliance approach, provides an overview of the agency's assessment practices, details the process for deciding the level of penalty and explains how businesses or individuals can comply with the fines, including how to pay and appeal them. Penalties and guidelines come into effect April 1.