Email from Cadwalader

From

To

Subject

Email
From 15 June 2022, the Office of Financial Sanctions Implementation (“OFSI”) has the power to issue monetary penalties for breaches of financial sanctions on a strict liability basis. The newly-published Guidance sets out how OFSI will apply these civil penalties. Release of the Guidance follows the implementation of the Economic Crime Act in March 2022, the legislation which grants OFSI such powers. https://www.cadwalader.com/resources/clients-friends-memos/sanctions-watch-uk-authority-outlines-powers-to-impose-strict-liability-civil-penalties