From April 2017, the Treasury’s Office of Financial Sanctions Implementation (OFSI) will be able to impose penalties for serious breaches of up to £1 million or 50% of the breach- whichever is higher.
The legislation is part of a raft of wider measures to toughen the government’s response to sanctions breaches in the Policing and Crime Bill, currently going through Parliament.
On the 1 December 2016, the Treasury has launched a consultation on its proposed approach to imposing these cash penalties.
Last year, the Treasury dealt with over 100 suspected breaches of financial sanctions, applicable in the UK. Breaches vary significantly but include deliberately channelling money to organisations or individuals subject to financial sanctions when their bank account or finances are frozen.
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