Revisions To OFSI's Powers And Approach To Compliance
And Enforcement
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.
Ahead of the Bill's entry into force as an Act of Parliament
(the Act), expected in 2017, HM Treasury's
Office of Financial Sanctions Implementation
(OFSI) has published a consultation paper (the
Consultation Paper) setting out draft guidance on
the revisions to the legal framework for the enforcement of
financial sanctions measures. Among other provisions, the Act will
create a civil penalty regime for financial sanctions breaches, to
be administered by OFSI. The Consultation Paper also sets out the
consequent changes to OFSI's approach to compliance and
enforcement.
