Breaches of Financial Sanctions Consultation

Breaches of Financial Sanctions Consultation

The Law Society has responded to HM Treasury's consultation on the process for imposing monetary penalties for breaches of financial sanctions.

The Policing and Finance Bill, when enacted, will create a monetary penalty regime for enforcing financial sanctions, which will be administered by HM Treasury through the Office of Financial Sanctions Implementation (OFSI). OFSI will publish guidance on when a monetary penalty may be imposed and how the amount of the penalty will be set. This consultation sought views on a draft version of that guidance.

The full response can be read here.