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.