U.K. Sanctions Enforcer Releases Updated Penalties Guidance

Updated guidance on monetary penalties by the United Kingdom’s sanctions enforcer this week provides more clarification on self-reporting and suggests the agency may adopt a more aggressive enforcement approach, compliance observers said, the Wall Street Journal reported. The Office of Financial Sanctions Implementation, a U.K. Treasury unit in charge of applying and carrying out sanctions policy, on Wednesday released the guidance outlining its enforcement powers and how it will use them, effective April 1. Observers had expected the agency to play a more active role in sanctions enforcement, particularly after Britain withdrew from the European Union. “The update to guidance simply gives clarity on OFSI’s approach. It does not introduce new powers or change existing powers,” a Treasury spokesperson said in a statement on Thursday. OFSI reiterated in the guidance it defines its jurisdiction to potentially include the actions of overseas subsidiaries of U.K. companies and transactions using clearing services in the U.K. Read more. (Subscription required.)