Sanctions Regime - Enforcement - Guidance Issued

OFSI have issued guidance on how this will be done. OFSI is part of the UK Government Treasury which runs the UK Sanctions regime. (OFSI stands for 'Office of Financial Sanctions Implementation'.)

The Guidance was issued in March 2023.

Summary of Contents

The Guidance sets out:

• an explanation of the powers given to the Treasury in the 2017 Act
• a summary of our compliance and enforcement approach 
• an overview of how we will assess whether to apply a monetary penalty, and what we will take into account
• an overview of the process that will decide the level of monetary penalty 
• an explanation of how we will impose a monetary penalty, including timescales at each stage and rights of review and appeal

Click here for the link to the full guidance.

Sanctions Training

We can assist with training on the Sanctions Regime. Below is a link to that service. Feel free to contact us via the form below should you require assistance.

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