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Guidance

Financial sanctions: guidance

From:
HM Treasury and Office of Financial Sanctions Implementation
Published:
29 May 2013
Last updated:
3 April 2017, see all updates

This document provides a guide to the approach which the Office of Financial Sanctions Implementation takes in relation to financial sanctions.

Documents

Financial sanctions: guidance

PDF, 387KB, 41 pages

Details

This document provides a guide to the approach which OFSI will take in relation to financial sanctions, when issuing licences and considering compliance, taking into account case law and EU guidance as at the date of publication.

Most financial sanctions are made through EU law which has direct effect under UK law. OFSI works closely with the EU Commission and other member states in implementing sanctions and developing EU guidance in this area. Other financial sanctions are put in place by UK laws. OFSI cannot issue definitive guidance as to how an EU or UK court might interpret these laws.

This document does not represent legal advice. If you are unsure as to your obligations in a given case, you should consider taking independent legal advice.

Read OFSI’s guidance on the imposition of monetary penalties

Document information

Published: 29 May 2013

Updated: 3 April 2017

+ full page history

  1. Added link to OFSI's guidance on the imposition of monetary penalties.
  2. Guidance updated to reflect the publication of new guidance on the imposition of monetary penalties
  3. New section 4.4 added making clear that OFSI expects all designated persons planning to visit the UK to possess an appropriate licence to support themselves legally while in the country.
  4. Updated guidance
  5. FAQs updated to reflect the latest notice Iran (Nuclear Proliferation): economic and financial sanctions relief under the JCPoA
  6. updated FAQs doc
  7. First published.

From: HM Treasury Office of Financial Sanctions Implementation