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ARTICLE · 01 JUNE 2017

A New Sleuth In Britain: The UK Quietly Empowers A Sanctions Enforcement Office

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On April 3, 2017, the UK Treasury's Office of Financial Sanctions Implementation (OFSI) announced new penalties for economic sanctions violations of £1 Million or 50% of the value of the transaction...

United StatesInternational Law
Reid Whitten
Reid Whitten
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On April 3, 2017, the UK Treasury's Office of Financial Sanctions Implementation (OFSI) announced new penalties for economic sanctions violations of £1 Million or 50% of the value of the transaction, whichever is higher. As a result, this new detective has a powerful new enforcement tool, and it may be taking notes from the aggressive U.S. sanctions enforcers.

"Never trust to general impressions, my boy, but concentrate yourself upon details"
– Sherlock Holmes, A Case of Identity

Taking our cue from the legendary Baker Street sleuth, we examine the details of the new OFSI.

Mandate. Pursuant to the Policing and Crime Act 2017 (the 2017 Act), the OFSI will enforce financial sanctions imposed by the United Nations and European Union. As the developments of Brexit unfold, the UK may adopt its own sanctions regime that would likely be enforced by the OFSI independently of UN sanctions.

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