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ARTICLE · 05 JUNE 2020

Engaging With The UK Sanctions Regulator

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The UK Office of Financial Sanctions Implementation (OFSI) announced on 31 March 2020 that it had levied a £20.47m penalty on Standard Chartered Bank for violations of UK financial sanctions.

United KingdomInternational Law
Jason Hungerford
Jason Hungerford
Paul Whitfield-Jones
Paul Whitfield-Jones
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The UK Office of Financial Sanctions Implementation (OFSI) announced on 31 March 2020 that it had levied a £20.47m penalty on Standard Chartered Bank for violations of UK financial sanctions. The penalty is by far the largest of its kind since the OFSI was given the power to impose civil monetary penalties in 2017 (the runner-up being the £146,341 action against mobile operator Telia Carrier in 2019). Since that time, many have wondered whether OFSI would pursue high-value cases like its better-known American cousin, the Office of Foreign Assets Control (OFAC). While the Standard Chartered case is only one point of reference, and its scope and value still pale in comparison to many OFAC cases, it signals OFSI's arrival as a serious enforcement agency and the only one of its kind outside the US.

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