{"id":76746,"date":"2016-12-01T14:24:35","date_gmt":"2016-12-01T14:24:35","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=f1e8482a25095278ec7f49ec88fa6cb2"},"modified":"2016-12-01T14:24:35","modified_gmt":"2016-12-01T14:24:35","slug":"news-story-new-million-pound-penalties-for-breaching-financial-sanctions","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=76746","title":{"rendered":"News story: New million pound penalties for breaching financial sanctions"},"content":{"rendered":"
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From April 2017, the Treasury\u2019s Office of Financial Sanctions Implementation (OFSI<\/abbr>)<\/a> will be able to impose penalties for serious breaches of up to \u00a31 million or 50% of the breach- whichever is higher.<\/p>\n

The legislation is part of a raft of wider measures to toughen the government\u2019s response to sanctions breaches in the Policing and Crime Bill<\/a>, currently going through Parliament.<\/p>\n

Today (1 December 2016) the Treasury has launched a consultation<\/a> on its proposed approach to imposing these cash penalties.
\nLast year, the Treasury dealt with over 100 suspected breaches to financial sanctions, applicable in the UK. Breaches vary significantly but include deliberately channelling money to organisations or individuals subject to financial sanctions when their bank account or finances are frozen.<\/p>\n

In 2016, the most expensive breach of financial sanctions was worth around \u00a315 million- under the new regime a penalty could have cost the perpetrators up to \u00a37.5 million.<\/p>\n

By legislating to ensure that OFSI<\/abbr> has the powers it needs to hand out penalties, the government is sending a clear message that it will not tolerate breaches of the financial sanctions regime.<\/p>\n

Currently, the UK has over 27 United Nations, European Union and domestic financial sanctions in place, covering just over 1,900 individuals, groups and countries.<\/p>\n

The consultation<\/a> asks for views on OFSI<\/abbr>\u2019s approach to:<\/p>\n