Treasury and OFSI update on penalties for sanctions breaches

Treasury and OFSI have published updated guidance on monetary penalties for breaching financial sanctions. The guidance applies from 28 January 2022 and applies to all case where OFSI becomes aware of a potential breach after that date.

The guidance usefully sets out the interpretation of some key terms, summarises the regulators’ powers and explains its compliance and enforcement approach, including how it calculates monetary penalties.

Emma Radmore