HM Treasury no topic: Changes to the enforcement of financial sanctions in the UK

Dear subscriber,

This email notifies you of changes to the enforcement of financial sanctions which occurred following commencement of Part 8 of the Policing and Crime Act 2017 on 1 April 2017.

UN Sanctions Listings

From 1 April 2017, all new UN financial sanctions listings made by UN sanctions committees have direct effect in the UK as soon as they are made. To support this change, OFSI will add these listings to the consolidated list within one working day and keep listings live for:

• 30 days, or 
• until the EU adds the new listing to an existing sanctions regulation (whichever is sooner)

This change allows the UK to swiftly implement its UN obligations and reduces the risk of asset flight.

You may also want to refer to the United Nations and European Union Financial Sanctions (Linking) Regulations 2017: http://www.legislation.gov.uk/uksi/2017/478/contents/made.

Monetary Penalties

From 1 April 2017, HM Treasury is able to impose monetary penalties for breaches of financial sanctions. OFSI will shortly publish guidance on how these powers will be used.

We’d like to take this opportunity to thank all those who contributed to the December 2016 consultation on the draft guidance. We will publish a response to this consultation alongside the guidance.

We will send you an email linking to the new guidance and consultation response as soon as they are published.

Criminal Offences

The Policing and Crime Act 2017 introduces a range of other changes relating to financial sanctions. It increases the maximum sentence, allowed in law, from two to seven years and brings financial sanctions into the scope of Deferred Prosecution Agreements and Serious Crime Prevention Orders.

You can read the 2017 Act here: http://www.legislation.gov.uk/ukpga/2017/3/contents/enacted/data.htm

Kind regards,

Office of Financial Sanctions Implementation (OFSI)