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United Kingdom Reporting Requirements Civil Monetary Penalty

Skadden, Arps, Slate, Meagher & Flom LLP

OFSI Issues First-Ever Monetary Penalty for a Failure To Provide Information: Key Considerations for Companies

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

K&L Gates LLP

UK Office of Trade Sanctions Implementation New Enforcement Powers and Increased Reporting Obligations

K&L Gates LLP on

On 12 September 2024, the UK government released the new Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (the Regulations), which will come into force on 10 October 2024. The Regulations grant the...more

Latham & Watkins LLP

New Civil Monetary Penalty Regime for UK Trade Sanctions

Latham & Watkins LLP on

The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 empower OTSI to enforce UK trade sanctions through civil monetary penalties, building on the role of OFSI, which has enforced UK financial...more

Mayer Brown

UK Government Launches Office of Trade Sanctions Implementation to Enforce UK Trade Sanctions

Mayer Brown on

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

Ogletree, Deakins, Nash, Smoak & Stewart,...

UK Government Proposes Tighter Reporting Requirements Under Modern Slavery Act, but No Action on Enforcement Measures

Following a review of the Modern Slavery Act 2015 (MSA) and the Home Office ‘Transparency in Supply Chains Consultation’ that closed in September 2019, the UK government is proposing a tightening of the reporting requirements...more

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