UK FINANCIAL SANCTIONS: GUIDANCE, FAQ AND INFORMATION ON MONETARY PENALTIES

On 6th June, HM Treasury published updated guidance, taking into account amended information re Russia.

The general guidance includes businesses’ obligations to financial sanctions policy;

OFSI’s processes for licence applications and breach reports; and FAQ by specific sector.

The guidance on monetary penalties outlines OFSI’s processes for issuing monetary penalties for financial sanctions breaches, including the case assessment process; penalty calculation process; and procedural rights.

FAQ guidance for the charity sector helps clarify what activity may be permitted under an OFSI licence and how to apply.  It also promotes various sources of information and advice available to charities and NGO.

OFSI has also produced a quick guide which provides key information regarding the obligations of businesses and individuals in relation to financial sanctions.  It has also published updated general guidance on financial sanctions should the UK leave the EU without a deal.

https://www.gov.uk/government/publications/financial-sanctions-faqs

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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