Overview
Compliance Week cited Alexandra Melia's client alert in an article titled "UK Sanctions Body Signals Tougher Enforcement With New Guidance." The article discusses how revised guidance by the UK Office of Financial Sanctions Implementation (OFSI) signals the agency might be strengthening its current enforcement stance as it pertains to breaches of financial sanctions.
The revisions will take effect April 1, at which time OFSI will use the guidance to assess any potential financial sanctions breaches after that date. While the guidance does not contain any material changes, the subtle updates "suggest an intention to make use of monetary penalties in concert with other enforcement tools and the possibility of a broader interpretation of OFSI's jurisdiction to impose penalties," Melia writes.
The full article can be read at Compliance Week (subscription required).
