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Written question asked by Kevin Hollinrake (Conservative) on Tuesday, 11 October 2022, in the House of Commons. It was due for an answer on Thursday, 13 October 2022. It was answered by Andrew Griffith (Conservative) on Tuesday, 18 October 2022 on behalf of the Treasury.

Office of Financial Sanctions Implementation: Correspondence

Question

To ask the Chancellor of the Exchequer, how many warning letters have been issued by the Office of Financial Sanctions Implementation in response to Suspicious Activity Reports of potential sanctions breaches in (a) each financial and (b) calendar years in the last three years including 2022.

Answer

When individuals or firms report frozen funds or dealing with a designated person to HM Treasury’s Office of Financial Sanctions Implementation (OFSI), OFSI takes appropriate action depending on the report. Where there may be financial sanctions compliance concerns it investigates accordingly. OFSI’s responses range from no further action, where no breach is found, to monetary penalties where a breach is sufficiently serious.

OFSI may issue a warning letter in a wide range of circumstances, including following enforcement investigations in response to a Suspicious Activity Report (SAR). However, OFSI does not break down referral data for enforcement cases which originate from SARs.

Secondary information

Type
Written question
Reference
61205
Session
2022-23
Subjects
Correspondence Sanctions Office of Financial Sanctions Implementation
Contains statistics
Yes
Link
View this Written question on www.parliament.uk