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Office of Financial Sanctions Implementation (OFSI) Penalties

White & Case LLP

UK Sanctions Update: Key takeaways from the OFSI Annual Review

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The Office of Financial Sanction Implementation's ("OFSI") Annual Review for 2023-2024 provides valuable insights into how the UK's financial sanctions regime has continued to develop. We explore some of the key trends for...more

Mayer Brown

UK Weekly Sanctions Update - Week of March 17, 2025

Mayer Brown on

In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London...more

Akin Gump Strauss Hauer & Feld LLP

OFSI Imposes Monetary Penalty Against Former Moscow Office of International Law Firm for Sanctions Breaches

On March 20, 2025, the U.K.’s Office of Financial Sanctions Implementation (OFSI) announced that, in accordance with section 146 of the Policing and Crime Act 2017 (PACA), a monetary penalty of £465,000 had been imposed...more

WilmerHale

Law firm agrees to pay £465,000 for breaches of Russia sanctions

WilmerHale on

The UK Office of Financial Sanctions Implementation (OFSI) has imposed a penalty of £465,000 on the Moscow subsidiary of Herbert Smith Freehills (HSF) for breaches of UK financial sanctions imposed on Russia following the...more

Bracewell LLP

What Did I Miss? Key UK Sanctions Updates from Q3-4 2024

Bracewell LLP on

In recent months, the United Kingdom’s sanctions regime has received noteworthy updates with implications for a range of entities operating both domestically and abroad. The changes are housed in an update to the Russia...more

Pillsbury Winthrop Shaw Pittman LLP

New UK Trade Sanctions Enforcement Body Goes Live October 10, 2024

New UK enforcement body goes live and new powers granted to existing body, regulating those doing business in the UK. UK trade sanctions enforcement risks are set to increase on October 10, 2024, as two government agencies...more

King & Spalding

UK Launches New Office of Trade Sanctions Implementation for Civil Enforcement of Trade Sanctions

King & Spalding on

On 12 September 2024, the UK Government published The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (“the Regulations”), which provide the regulatory framework for the Office of Trade Sanctions...more

Ankura

Russian Sanctions Circumvention: Are You Asleep At The Wheel?

Ankura on

In the wake of Russia's invasion of Ukraine in February 2022, a broad and unprecedented range of sanctions were imposed on Russia by various countries and international bodies to target the Russian economy and prevent further...more

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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