The Offence and Penalty - On 8 May 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) published its 11 April 2025 notice of its first-ever monetary penalty for an information offence relating to financial...more
On 21 March 2025, the Office of Financial Sanctions Implementation (OFSI) published its annual review for 2023-2024 period. The report highlights a number of key developments in the agency’s work. Importantly, the data...more
On 12 September 2024, the UK Government published the regulatory framework providing the scope and powers of the Office of Trade Sanctions Implementation (OTSI), the authority responsible for the implementation and...more
Sanctions and the systems and controls companies have in place to comply with them seem to be back in the spotlight. In addition to guidance recently published by the UK Financial Conduct Authority, a number of recent...more
On 8 June 2022, and to coincide with the introduction of amendments to the Economic Crime (Transparency and Enforcement) Act 2022 (“the Economic Crime Act”), the UK’s Office of Financial Sanctions Implementation (“OFSI”)...more
The Office of Financial Sanctions Implementation (OFSI) imposed a £15,000 penalty on UAE-based and UK-registered entity, Tracerco Limited (Tracerco), for breaching UK sanctions when it purchased flights for an employee from...more
Executive summary: On 21 January 2019, OFSI issued its first monetary penalty for a breach of financial sanctions, marking a significant development in the UK’s evolving sanctions enforcement landscape. ...more
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...more
As previously reported, the Policing and Crime Act 2017 (the Act) introduced a series of major changes to the U.K. financial sanctions regime. The changes, which came into force on April 1, 2017, included the creation of new...more