Updates: OFSI: the new OFAC?
Revisions to OFSI's Powers and Approach to Compliance and Enforcement
In this article, we outline the changes to guidance from HM Treasury's Office of Financial Sanctions (OFSI) on the new regime for imposition of monetary penalties, made in light of the previous consultation on the draft of this guidance, and the major changes that have occurred with the Act's entry into force.
The Policing and Crime Bill (the Bill), currently making its way through Parliament, includes provisions that will represent, once the Bill is enacted, a step change in the penalties that can be imposed on UK entities and individuals for breaches of trade and financial sanctions.
Revisions to OFSI's Powers
Revisions to OFSI's Approach to Compliance
Penalties and Investigations
Mitigating and Aggravating Factors in a Case