Guidance on financial sanctions: guidance, FAQs and information on monetary penalties

Monday, 27 July 2020 11:27

Information on the approach OFSI takes to financial sanctions and monetary penalties for breaches in financial sanctions. Published 29 May 2013 Last updated 27 July 2020 — see all updates From: HM Treasury and Office of Financial Sanctions Implementation...Request free trial

Information on the approach OFSI takes to financial sanctions and monetary penalties for breaches in financial sanctions.

Published 29 May 2013
Last updated 27 July 2020 — see all updates

From:: HM Treasury and Office of Financial Sanctions Implementation

Documents

Financial sanctions: general guidance

PDF, 1.38MB, 72 pages

Monetary penalties for breaches of financial sanctions: guidance

PDF, 822KB, 34 pages

FAQ guidance for the charity sector

PDF, 555KB, 11 pages

FAQ guidance for the import and export sector

PDF, 1.53MB, 11 pages

Maritime guidance

PDF, 319KB, 12 pages

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Financial sanctions in the UK: a quick guide

PDF, 369KB, 2 pages

Details

General guidance

EU sanctions continue to apply in the UK until 11pm on 31 December 2020. This page will be updated if legislation or guidance changes during the transition period

The general guidance document includes information regarding:

businesses’ obligations to financial sanctions regulations
OFSI’s processes for licence applications and breach reports
frequently asked questions by specific sector

Monetary penalty guidance

The guidance on monetary penalties outlines OFSI’s processes for issuing monetary penalties for financial sanctions breaches, including:

the case assessment process
penalty calculation process
procedural rights

FAQ guidance for the charity sector

The FAQ guidance for the charity sector helps clarify what activity may be permitted under an OFSI licence and how to apply. It also promotes various sources of information and advice available to charities and NGOs

Financial sanctions guidance in the UK: a quick guide

OFSI has also produced a quick guide which provides key information regarding the obligations of businesses and individuals in relation to financial sanctions.

FAQ guidance for the import and export sector

The FAQ guidance for the import and export sector helps clarify how financial sanctions differ from trade sanctions, including how to apply for a licence from OFSI and DIT.

UK Sanctions guidance

OFSI has also published UK financial sanctions: general guidance. This will apply to any new sanctions regimes that the UK introduces during the transition period. This guidance does not currently apply to existing sanctions regimes which are operating under EU legislation until 31 December 2020.

OFSI has also published specific guidance in respect of the financial and investment restrictions in the Russia sanctions regime. This guidance does not currently apply and would only come into effect on 1 January 2021, or when the Russia (Sanctions) (EU Exit) Regulations 2019 come into force. This is therefore for information only at this stage.