皇冠体育app

皇冠体育app UK government plans to launch the Office of Trade Sanctions Implementation (OTSI), within the Department for Business and Trade, in October 2024.聽聽

To equip the office with new civil enforcement powers, on 12 September 2024, the UK government laid a new Statutory Instrument in Parliament 鈥� 皇冠体育app Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024. 皇冠体育appse regulations were made under the Sanctions and Anti-Money Laundering Act 2018. 聽

皇冠体育appy will apply to:

• all UK persons including businesses wherever they are in the world 聽

• any person including businesses in the UK or the UK territorial sea

Civil enforcement

OTSI will be responsible for the civil enforcement of certain trade sanctions as they relate to UK services and overseas trade with a UK nexus. 皇冠体育app office will be able to impose monetary penalties, and where a civil monetary penalty can be imposed for a breach, breaches may be determined on 聽a 鈥榮trict liability鈥� basis. Penalties can be imposed on the basis of the civil standard of proof 鈥� the balance of probabilities. 聽

皇冠体育app maximum monetary penalty for breaching sanctions regulations is either 拢1 million or 50% of the estimated value of the breach 鈥� whichever is higher. 皇冠体育app regulations also provide OTSI with additional enforcement tools, such as making public disclosure of breaches.

Reporting and information requests

皇冠体育app regulations also introduce reporting obligations for relevant persons, and powers to request information. 聽Failure to comply with either of these can amount to a criminal offence.

Further information

More detailed statutory guidance about these regulations, including the reviews and appeals process, can be found on OTSI鈥檚 gov.uk website.

皇冠体育app and the accompanying can be found on legislation.gov.uk.