UK TREASURY OFFICE HAS NEW POWERS TO IMPOSE LARGE FINES ON BRITISH SANCTIONS BREACHES
April 1st, 2017
NEW powers have become available to the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) from Monday (April 3), to impose major fines on individuals and organisations (including companies) who breach UK financial international sanctions.
Penalties can range up GBP1 million (USD1.25 million) or 50% of the value of the breach, whichever is higher. The move is part of a tightening of UK sanctions controls, with the Treasury warning that breaches are crimes, which could soon spark prison sentences of up to seven years under reforms within the ...
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