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UK trade sanctions regulators granted new enforcement powers

UK trade sanctions regulators granted new enforcement powers

Posted on September 27, 2024   |  

The UK government introduced the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 on September 12, 2024, effective from October 10, 2024.

The Office of Trade Sanctions Implementation (OTSI) now has enhanced powers for implementing and enforcing sanctions.

The Department for Transport (DfT) also gains similar powers for aircraft and shipping sanctions.

This move aims to strengthen sanctions enforcement and reminds UK-connected businesses to comply with sanctions laws.

The regulations align trade, aircraft, and shipping sanctions enforcement with financial sanctions managed by the Office of Financial Sanctions Implementation (OFSI).

OTSI will manage various sanctions, including professional services and trade control sanctions related to sanctioned items.

Penalties for violations may be publicly disclosed, detailing the violations and the parties involved.

Financial penalties can reach up to £1 million or 50% of the violation's value, with possible reductions for voluntary disclosures, and legal actions can be taken within 12 months of evidence discovery but not more than three years after the offense.



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