Treasury consults on OFSI enforcement

HM Treasury is consulting on enhancing the effectiveness of the OFSI enforcement process. It is proposing:

• changes to the public case assessment guidance;
• discounts for voluntary disclosure and cooperation;
• a settlement scheme for monetary penalty cases;
• an “Early Account Scheme” that would let those being investigated provide OFSI with the facts of matters under investigation;
• a streamlined process with indicative penalties for categories of failing; and
• changes to the statutory maximum penalties.

Consultation closes on 13 October.