GovWire

The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented and enforced in the United Kingdom.

This guidance describes OFSIs processes and considerations in relation to the issue of monetary penalties for breaches of financial sanctions, including:

• the case assessment process
• penalty calculation process
• procedural rights

Previous versions of guidance are attached here for reference for historical cases.

The current guidance applies from 15 June 2022 it is applicable for all cases where OFSI becomes aware of a potential breach after 15 June 2022.

The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 2 and Saving Provision) Regulations 2022 (legislation.gov.uk)