UK Treasury Expands Obligation on Businesses to Report Sanctions Breaches

July 31, 2017

HM Treasury has significantly expanded the obligation on businesses to report sanctions breaches. From 8 August 2017, a wide range of professionals and businesses will be required to notify OFSI1, the UK sanctions authority, of suspected sanctions breaches by their clients or customers, or if they suspect that a person is subject to an asset freeze. The Treasury’s new Regulations2 effective from 8 August 2017, will treat any failure to notify OFSI as required as a criminal offence. Businesses need to be aware of the obligations on them and their staff, and to adjust their procedures to ensure compliance.

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1) Office of Financial Sanctions Implementation, part of HM Treasury