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Breach of Financial Sanctions Office of Foreign Assets Control (OFAC)

Hogan Lovells

From 15 June the UK sanctions regime will be moving to a strict liability test

Hogan Lovells on

From 15 June 2022 the Economic Crime (Transparency and Enforcement) Act 2022 will introduce changes to the enforcement of UK sanctions laws that parallel enforcement powers held by the Office of Foreign Assets Control...more

Sheppard Mullin Richter & Hampton LLP

A New Sleuth in Britain: The UK Quietly Empowers a Sanctions Enforcement Office

On April 3, 2017, the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) announced new penalties for economic sanctions violations of £1 Million or 50% of the value of the transaction, whichever is higher. As a...more

Skadden, Arps, Slate, Meagher & Flom LLP

"UK Tracks OFAC Model in Issuing Guidance on Monetary Penalties for Breaches of Financial Sanctions"

As previously reported, the Policing and Crime Act 2017 (the Act) introduced a series of major changes to the U.K. financial sanctions regime. The changes, which came into force on April 1, 2017, included the creation of new...more

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