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HMT Consults on Strengthening OFSI’s Civil Enforcement Process

01 August 2025

HMT Consults on Strengthening OFSI’s Civil Enforcement Process

HM Treasury (HMT) launched a consultation on enhancing the Office of Financial Sanctions Implementation’s (OFSI) civil enforcement processes.

 

 

 Key changes proposed in the consultation include:

➡️ Publishing indicative penalties for low-level offences (£5,000–£10,000);

➡️ Cutting voluntary disclosure discounts from 50% to a maximum of 30%, tied to early full cooperation;

➡️Introducing an Early Account Scheme alongside a settlement mechanism for unintentional breaches. with up to a 40% discount;

➡️Streamlining processes for reporting and licensing offences; and

➡️ Raising the statutory penalty cap from £1 million to £2 million or up to 100% of the value of the sanctions breach.

🗓️ Firms can respond to the consultation through the designated channels before the 13 October 2025 deadline.

 
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