Tag Archives: financial sanctions

OFSI updates sanctions FAQs

OFSI has published a list of FAQs for importers and exporters focussing on the application of financial sanctions. It notes the separate regimes and potentially the need for separate licences that may be required from OFSI in relation to financial sanctions and the Export Control Joint Unit for trade sanctions. It notes some key risks […]

Sanctions and Anti-Money Laundering Bill introduced in Parliament

The new Sanctions and Anti-Money Laundering Bill (the Bill) was introduced in Parliament on 18 October, following the announcement of the Bill in August. This Bill seeks to enable the UK to continue to comply with the current UN sanctions regime after Brexit, by covering matters currently deal with through the European Communities Act 1972 (which will be […]

OFSI publishes quick guide to sanctions

OFSI has published a quick guide to UK business’ obligations under financial sanctions requirements. The material is not new, but repackages some existing guidance on: complete general guidance – including guidance on licences and queries specific to certain industry sectors monetary policies and the assessment process and the quick guide

Treasury updates sanctions guidance

HM Treasury and OFSI have updated their guidance on what to do in the case of a suspected breach of financial sanctions. It has published its suspected breach form, and says firms should report suspected breaches as soon as they become aware of them, including the names of all relevant parties, amounts, account names and […]

Government publishes post-Brexit sanctions plans

Treasury, the FCO and the Department for International Trade  have announced the publication of the Sanctions Bill, which will ensure the UK has the necessary powers to implement sanctions post-Brexit and also give it greater flexibility on introducing new measures. The Sanctions Bill will legislation to repatriate powers on non-UN snactions from the EU to […]

Government considers sanctions laws post-Brexit

The Government has published a White Paper looking at what legislative changes the UK will need to make to preserve and continue the sanctions regime after Brexit. Currently, the UK implements most sanctions-related powers through the European Communities Act, and most sanctions apply directly to UK persons through EU Regulations. The paper explains that the Great […]

EU sanctions breach penalties to increase

Treasury has made the Regulations which will increase the maximum penalties for breach of EU financial sanctions to mirror the maximum for breaches of sanctions under UK domestic legislation. The higher limits will apply from 2 May.

Sanctions fining regime effective from 1 April

A new commencement order under the Policing and Crime Act 2017 brings into force the new powers on financial penalties for breach of financial sanctions, from 1 April.  Part 8 of the Act: sets the maximum imprisonment term for breach of sanctions at 7 years, and confirms the maximum imprisonment term for related offences;  allows Treasury […]

Greater punishment for sanctions offences to take effect

Part 8 of the Policing and Crime Act 2017, which received Royal Assent at the end of January, and which is expected to come into force in April, gives powers under financial sanctions legislation  to punish offences (including offences under sanctions imposed by virtue of an EU Regulation, sanctions imposed to comply with UN resolutions and terrorism and […]