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Written question asked by Viscount Waverley (Crossbench) on Thursday, 23 February 2023, in the House of Lords. It was due for an answer on Thursday, 9 March 2023. It was answered by Baroness Penn (Conservative) on Thursday, 9 March 2023 on behalf of the Treasury.

Sanctions

Question

To ask His Majesty's Government whether they have identified any breaches of UK sanctions over the last 12 months; and if so, what was their response.

Answer

HM Treasury, through the Office of Financial Sanctions Implementation (OFSI), is the UK’s competent authority responsible for the implementation of financial sanctions. It is therefore the body responsible for civil enforcement of breaches of financial sanctions.

Regulations, as well as most specific and General Licences issued by OFSI, include reporting obligations to support the monitoring and enforcement of financial sanctions.

When OFSI becomes aware of a potential breach of financial sanctions, it takes appropriate action to investigate. OFSI’s responses range from no further action, where no breach is found, to monetary penalties where a breach is sufficiently serious. Where criminal investigation is appropriate, referrals are made to relevant law enforcement partners

OFSI continues to assess every reported suspected breach of UK sanctions regulations and does not conclude whether a breach has occurred until the conclusion of an investigation. Details of civil monetary penalties issued by OFSI are published on GOV.UK here [https://www.gov.uk/government/collections/enforcement-of-financial-sanctions].

Although most of OFSI’s enforcement action is not publicised, all outcomes help support compliance with financial sanctions across the UK and (in the case of UK-based companies with a wider presence) internationally.

Secondary information

Type
Written question
Reference
HL5873
Session
2022-23
Grouped for answer
Yes
Subjects
Sanctions
Link
View this Written question on www.parliament.uk