The Policing and Crime Bill was introduced to Parliament on February 10 2016. In addition to other provisions, the bill proposes to enhance enforcement measures available following a breach of financial sanctions, and increase the ability of Her Majesty's Treasury in enforcing the new regime. The proposed legislation signals a shift towards tougher enforcement of the financial sanctions regime in the United Kingdom.
The anticipated legislation will bring consistency to fines across all financial sanctions regimes to ensure that penalties for breaches of financial sanctions have a sufficient deterrent effect and provide the enforcement community with more powers.
On March 31 2016 the Treasury Office announced the establishment of the Office of Financial Sanctions Implementation (OFSI). The OFSI is intended to help ensure that financial sanctions are properly understood, implemented and enforced.
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