New Unit Created by UK to Clamp down on Sanctions Evasion
The UK Government has announced the creation of a new unit to clamp down on companies evading sanctions, the Office of Trade Sanctions Implementation (OTSI).
The new Office of Trade Sanctions Implementation (OTSI) will:
Be responsible for the civil enforcement of trade sanctions, including those against Russia;
Aide businesses in complying with their sanctions requirements;
Investigate potential breaches of businesses;
Issue civil penalties and refer cases to HMRC for criminal enforcement where required
OTSI will launch in early 2024 once applicable legal requirements are implemented.
UK businesses should review the announcement to prepare for the launch of OTSI and take any preparatory actions.
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