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Penalties Office of Financial Sanctions Implementation (OFSI)

WilmerHale

OFSI Issues Updated Guidance Relating to Assessments of due Diligence Conducted in Relation to the “Ownership and Control” Test,...

WilmerHale on

The Office of Financial Sanctions Implementation (OFSI) has updated its ‘enforcement and monetary penalties for breaches of financial sanctions’ guidance, which was last updated in June 2022. ...more

White & Case LLP

OFSI imposes first multi million pound penalty for UK sanctions breach

White & Case LLP on

The UK sanctions authority, the Office of Financial Sanctions Implementation (OFSI), has announced its first multi million pound fine since its establishment in 2016.  The fine confirms OFSI’s increasing enforcement activity...more

Hogan Lovells

UK: OFSI guidance published regarding monetary penalties for breaches of financial sanctions

Hogan Lovells on

The Policing and Crime Act 2017 (the “2017 Act“) came into effect on 1 April 2017, and introduced a number of changes, including new powers for the Office of Financial Sanctions Implementation (“OFSI“) to impose increased...more

Skadden, Arps, Slate, Meagher & Flom LLP

"UK Establishes New HM Treasury Office to Implement Financial Sanctions"

On March 31, 2016, the U.K. launched the new Office of Financial Sanctions Implementation (OFSI) within HM Treasury. OFSI, which assumes the financial sanctions responsibilities previously carried out by HM Treasury’s Asset...more

K&L Gates LLP

From Strength to Strength: Financial Sanctions

K&L Gates LLP on

On 7 March 2016, the new Police and Crime Bill (the “Bill”) received its second reading in Parliament. The stated aims of the Bill are to bring consistency to all penalties across the UK financial sanctions regimes, increase...more

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