OFSI publishes response to consultation on civil enforcement processes for financial sanctions
The Office of Financial Sanctions Implementation (OFSI) has published its response to the consultation on proposed reforms to its enforcement processes, confirming that it will proceed with all proposals consulted on, subject to some refinements. The reforms include revised case assessment guidance, new discount arrangements, the introduction of a settlement scheme and an Early Account Scheme (EAS), fixed penalties for information, reporting and licensing offences, and increases to statutory penalty maximums.