{"id":80376,"date":"2017-04-03T15:47:00","date_gmt":"2017-04-03T15:47:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=f2889ee992d60a0e96dd0fe53a059802"},"modified":"2017-04-03T15:47:00","modified_gmt":"2017-04-03T15:47:00","slug":"news-story-new-penalties-for-breaching-financial-sanctions-now-in-force","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=80376","title":{"rendered":"News story: New penalties for breaching financial sanctions now in force"},"content":{"rendered":"<div class=\"govspeak\">\n<p>From today (3 April 2017), the Treasury\u2019s Office of Financial Sanctions Implementation (<abbr title=\"Office of Financial Sanctions Implementation\">OFSI<\/abbr>) will start to use powers to impose penalties for serious financial sanctions breaches.  These can be up to \u00a31 million or 50% of the breach, whichever is higher.<\/p>\n<p>This new power is one of a series of measures in the Policing and Crime Act which will strengthen the government\u2019s response to financial sanctions breaches.  The penalty powers apply to offences committed after 1 April 2017. In 2016, just over one hundred suspected breaches were reported to <abbr title=\"Office of Financial Sanctions Implementation\">OFSI<\/abbr>, 95 of which were actual breaches, totaling around \u00a375 million.<\/p>\n<p>Economic Secretary, Simon Kirby, said:<\/p>\n<blockquote>\n<p>Financial sanctions are a valuable tool against individuals, countries and terrorist groups who threaten UK foreign policy and financial services as well as our national security.<\/p>\n<p class=\"last-child\">This government won\u2019t tolerate breaches of financial sanctions.  We\u2019ll continue to place more emphasis on compliance and we will take tough action against those who deliberately flout the law.<\/p>\n<\/blockquote>\n<p>Monetary penalties are a new way of responding to offences. The UK currently imposes financial sanctions in 27 sanctions regimes. Breaching sanctions is a criminal offence and the most serious cases could shortly incur prison sentences of up to seven years.<\/p>\n<p><abbr title=\"Office of Financial Sanctions Implementation\">OFSI<\/abbr> will normally publish summary details of penalty cases, to deter non-compliance and support compliance best practice.<\/p>\n<p>In December 2016 <abbr title=\"Office of Financial Sanctions Implementation\">OFSI<\/abbr> consulted on guidance to support monetary penalties and  <a href=\"https:\/\/www.gov.uk\/government\/publications\/monetary-penalties-for-breaches-of-financial-sanctions\">today publishes guidance<\/a> alongside a <a href=\"https:\/\/www.gov.uk\/government\/consultations\/the-process-for-imposing-monetary-penalties-for-breaches-of-financial-sanctions\">summary of consultation responses<\/a>.<\/p>\n<p>Rena Lalgie, Head of <abbr title=\"Office of Financial Sanctions Implementation\">OFSI<\/abbr>, commented:<\/p>\n<blockquote>\n<p class=\"last-child\">We\u2019ll continue to provide information and guidance to business, industry, the public and charitable sectors to facilitate compliance with financial sanctions. However, we will issue penalties for serious breaches and we won\u2019t hesitate in referring the most serious cases to law enforcement agencies.<\/p>\n<\/blockquote>\n<p><abbr title=\"Office of Financial Sanctions Implementation\">OFSI<\/abbr>, created on 31 March 2016, is the UK\u2019s Competent Authority for implementing financial sanctions. It works with a wide range of individuals, businesses and not-for-profit organisations who could be impacted by financial sanctions to: raise awareness of financial sanctions, improve compliance, and detect and address breaches.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Treasury\u2019s Office of Financial Sanctions Implementation (OFSI) can now impose penalties for serious financial sanctions breaches.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80376"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80376"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80376\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}