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News & Insights 7 March 2016
The UK government has proposed legislation (under the Policing and Crime Bill) which, if passed, will create new powers for the Treasury to impose civil fines for sanctions breaches
The UK government has proposed legislation (under the Policing and Crime Bill) which, if passed, will create new powers for the Treasury to impose civil fines for sanctions breaches.
The Treasury will be able to impose civil fines equivalent to £1,000,000 or 50% of the estimated value of the funds or resources involved, where it is satisfied on the balance of probabilities that a breach of sanctions has occurred. It will also increase the maximum prison sentence for breaches of financial sanctions from two to seven years.
The government intends to establish a new Office for Financial Sanctions Implementation (within the UK Treasury) later this year, which will be responsible for enforcing UK financial sanctions. This is being perceived as a move towards tougher enforcement of sanctions.
