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Evolution of UK Enforcement Strategies in OFSI Updated Monetary Penalty Guidance for Financial Sanctions Breaches

Giles Thomson (The Office of Financial Sanctions Implementation (OFSI), Director) wrote in the OFSI blog in February 2021 that “OFSI will continue to robustly but fairly and proportionately use the compliance tools available to [it], including monetary penalties, to effectively enforce financial sanctions in the United Kingdom, ensuring they meet the UK’s strategic objectives and maintaining our reputation as a world leader in this area”.

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