UK Office of Financial Sanctions opens

Posted on: 11/04/2016

The Office of Financial Sanctions Implementation (OFSI) was established within the Treasury last month (31 March 2016). OFSI will provide a high-quality service to the private sector, working closely with law enforcement to help ensure that financial sanctions are properly understood, implemented and enforced.  LINK

This will ensure financial sanctions make the fullest possible contributions to the UK’s foreign policy and national security goals and help maintain the integrity of and confidence in the UK financial services sector. The government is also legislating to ensure that suitable remedies are available to address breaches of financial sanctions. Provisions in the Policing and Crime Bill include a range of new administrative penalties, including monetary penalties, and an increase in the maximum custodial sentence for breaching financial sanctions to seven years on conviction on indictment (or six months imprisonment on summary conviction).

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