OFSI will work closely with law enforcement to help ensure that financial sanctions are properly understood, implemented and enforced across private sector financial institutions and companies.

George Osborne, Chancellor, said: ‘OFSI will be a centre of excellence for financial sanctions, raising awareness and providing clear guidance to promote compliance with financial sanctions, providing a professional service to the public and industry, and working closely with other parts of government to ensure that sanctions breaches are rapidly detected and effectively addressed.’

The government is also legislating to ensure that suitable remedies are available to address breaches of financial sanctions. Provisions in the Policing and Crime Bill include a range of new administrative penalties, including monetary penalties, and an increase in the maximum custodial sentence for breaching financial sanctions to seven years on conviction on indictment (or six months imprisonment on summary conviction).

The bill also provides for the swifter implementation of UN financial sanctions. It has passed its second reading in the Commons and is due to be considered by the Public Bill committee this month.

OFSI’s website is here: https://www.gov.uk/government/organisations/office-of-financial-sanctions-implementation