Guidance

Monetary penalties for breaches of financial sanctions

Government processes on the issue of monetary penalties for breaches of financial sanctions.

From:
HM Treasury and Office of Financial Sanctions Implementation
Published
3 April 2017
Last updated
31 August 2023 — See all updates

Documents

Enforcement and monetary penalties guidance: 31 August 2023

PDF, 729 KB, 32 pages

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Enforcement and monetary penalties guidance: 15 June 2022 - 30 August 2023

PDF, 1.56 MB, 27 pages

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Monetary penalties for breaches of financial sanctions: 28 January 2022 - 15 June 2022

PDF, 613 KB, 27 pages

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Monetary penalties guidance: April 2021 - Jan 2022

PDF, 682 KB, 27 pages

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Monetary penalties guidance: June 2020 - March 2021

PDF, 15.5 MB, 34 pages

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Monetary penalties guidance: May 2018 - May 2020

PDF, 510 KB, 34 pages

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Monetary penalites guidance: April 2017 - April 2018

PDF, 479 KB, 32 pages

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Details

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 OFSI’s 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)

Published 3 April 2017
Last updated 31 August 2023 + show all updates

  1. OFSI has published updated enforcement and monetary penalty guidance.

  2. Removed 15 June dates on new guidance

  3. Updated with OFSI enforcement guidance June 2022

  4. Updated with Monetary Penalty guidance

  5. Attached monetary penalty guidance 2018-21

  6. Updated monetary penalty guidance

  7. Updated with latest version of 'Monetary penalties for breaches of financial sanctions: guidance'

  8. Updated PDF – cover picture added

  9. First published.

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