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Criminal Penalties Imposed for Breach of Financial Sanctions Regulations
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The government has announced that criminal penalties will be imposed for breaches of the new financial sanctions regulations, aimed at preventing terrorism and other serious threats to national security.
Background
According to the regulations, individuals found guilty of breaching the sanctions can face imprisonment for up to 7 years or a fine, or both. The maximum terms of imprisonment are consistent with existing legislation and are considered an effective deterrent.
Prohibited Activities
The regulations prohibit various activities related to dealing with funds or economic resources owned by designated persons, making funds available to them directly or indirectly, and failing to comply with reporting obligations.
New Criminal Offenses
In addition, the government has introduced new criminal offenses for:
- Circumventing prohibitions
- Breach of requirements under licenses
- Failure to provide information as required
These offenses can result in imprisonment for up to 6 months or a fine, or both.
Confidential Information Provision
The regulations also include provisions for breach of confidential information provision, with penalties ranging from:
- Imprisonment for up to 12 months or a fine, or both
- Imprisonment for up to 2 years or a fine, or both (depending on the circumstances)
Purpose and Effectiveness
The government has emphasized that the regulations are designed to be proportionate and effective in preventing serious threats to national security. The ability to enforce these measures by criminal proceedings is seen as an important deterrent and will help to ensure that individuals and organizations comply with the sanctions regime.
Tables of Offences
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Below are tables outlining the specific offenses and maximum penalties under the financial sanctions regulations:
Table 1: Financial Sanctions Offenses
| Type of Offense | Specific Offense | Relevant Prohibition or Requirement | Maximum Penalty |
|---|---|---|---|
| Breach of Sanctions | Dealing with funds or economic resources owned by a designated person | reg. 11-15 | Liable on summary conviction: up to 12 months imprisonment or fine, and/or liable on indictment: up to 7 years imprisonment or fine |
Table 2: Other Offenses
| Type of Offense | Specific Offense | Relevant Prohibition or Requirement | Maximum Penalty |
|---|---|---|---|
| Breach of Confidential Information Provision | Disclosure of confidential information specified by the Secretary of State as confidential | reg. 9 | Liable on summary conviction: up to 12 months imprisonment or fine, and/or liable on conviction on indictment: up to 2 years imprisonment or fine |
Source
The Rt Hon Sir Alan Duncan KCMG, Minister of State for Europe and the Americas, on behalf of the Secretary of State for Foreign and Commonwealth Affairs.