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This document summarises the responses submitted to the consultation and outlines the government’s response.
The government has published a guidance document on the issue of monetary penalties for breaches of financial sanctions in April 2017.
The Office of Financial Sanctions Implementation (OFSI), which is a part of HM Treasury, enables financial sanctions to make the fullest possible contribution to the UK’s foreign policy and national security goals. It also helps to maintain the integrity of, and confidence, in the UK financial services sector.
Government is seeking views on the guidance on the approach that OFSI will take when considering imposing a monetary penalty and determining the level of the penalty to ensure that:
- the decision-making process is transparent
- the Treasury can issue clear guidance about the approach prior to the power being used
- the approach is fit for purpose
The consultation document, ‘The process for imposing monetary penalties for breaches of financial sanctions: consultation’, contained an error.
In Section 2.11.11, the baseline penalty matrix diagram was incorrect and has been replaced. The error did not affect any other part of the document.
Please refer to this revised version when responding to the consultation.