Consultation outcome

The process for imposing monetary penalties for breaches of financial sanctions: consultation

This consultation has concluded

Download the full outcome

Detail of outcome

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.

Original consultation

Summary

Seeking views on guidance which will set out the approach to imposing monetary penalties for financial sanction breaches.

This consultation ran from
to

Consultation description

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

Correction

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.

Documents

Published 1 December 2016
Last updated 3 April 2017 + show all updates
  1. Updated with the response to the consultation.
  2. Revised PDF published. Correction note included in the detail.
  3. First published.