OFSI Sanctions Enforcement Guidance

The Office for Financial Sanctions Implementation (OFSI) published an official guide on the enforcement of sanctions in the UK. Effective from 15 June 2022 it outlines the powers given to HM Treasury to impose penalties for financial sanctions breaches. A breach of financial sanctions may be a criminal offence, punishable upon conviction by up to 7 years in prison. There are both civil and criminal enforcement options to remedy breaches of 6financial sanctions. Law enforcement agencies may consider prosecution for breaches of financial sanctions. The monetary penalties regime created by the Policing and Crime Act 2017 provides an alternative to criminal prosecution for breaches of financial sanctions legislation. OFSI is the part of the Treasury that imposes these monetary penalties. The 27 page document covers: case assessment; the monetary penalty process; procedure for imposing a monetary penalty; the right of review and appeal and the publication of monetary penalty and breach details.

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