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The New Power

Financial sanctions and new monetary penalties in the UK

CHRISTINE BRAAMSKAMP, NATALIE R. BOYD, SEAN P. DONOVAN-SMITH AND JAMES G. MILLWARD, K&L GATES

The new power

The UK recently took significant steps to strengthen penalties for breaches of financial sanctions. Financial sanctions take many guises and may apply to individuals, companies or other entities. They include, for example, targeted asset freezes, orders to cease business or activities of a specified type and restrictions on financial markets and services. Following the enactment of the Policing and Crime Act 2017 on 31 January 2017, the Office of Financial Sanctions Implementation (OFSI) has been given the power to impose monetary penalties of up to 50% of the value of the offending transaction or £1million, whichever is higher. OFSI will only need to be satisfied on a balance of probabilities that there was a breach.

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