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The consequences of being found guilty of sanctions non-compliance are severe. Some major financial institutions have been hit with multi-million dollar fines and settlements with US and UK regulatory bodies for sanctions non-compliance.
Insurers are also concerned about the impact of sanctions violations. Lloyd’s of London examined the issue following suspicions that some members may have breached international sanctions through insurance and reinsurance contracts. In turn, increasing pressure is being placed on exporters of products and services to ensure that they do not expose their creditors and insurers to sanctions risks.
Sanctions as a regulatory compliance issue came to light when several international companies were identified by the UN as having failed to comply with sanctions against Iraq under the Oil-for-Food program. Numerous oil and gas utilities, infrastructure and engineering companies were consequently prosecuted and convicted of sanctions non-compliance.
United Kingdom prepares sanctions law against Russia in the middle of the crisis
The British Finance Minister, George Osborne, backed Monday the reinforcement of the Stability and Growth Pact (SGP) to avoid a repetition of debt crises like the one in Greece, but warned that he will not accept the application of financial sanctions against the United Kingdom for excessive deficit because his country is not part of the Eurozone.
The British finance minister also advocates paying more attention to the evolution of debt and its structure. “Member states with a lot of short-term debt may be more vulnerable to refinancing problems when market sentiment deteriorates than those with long-term debt,” he says.
ATTENTION! Alex Nain Saab and Álvaro Enrique Pulido
In March 2016 the UK Treasury (HMS) created the Office for the Implementation of Financial Sanctions, better known by its acronym: OFSI, which will be the one to ensure that financial sanctions are properly understood, implemented and enforced.
The OFSI is the agency that will apply non-criminal punitive measures against all individuals or entities that violate the established financial sanctions and countermeasures. The OFSI is responsible for the supervision and enforcement of national and international financial sanctions in the United Kingdom.
Financial penalties could be up to £1 million or 50% of the value of the breach, although the UK Treasury (HMT) itself has the ability to amend this. OFSI intends to publish details of the monetary penalties in order to deter future non-compliance and to raise awareness. OFSI itself will provide incentives with reductions of up to 50% of the penalty in cases where the subject voluntarily reports the breaches.
U.S. sanctioned the MP, mayors, companies and institutions
The United Kingdom joined on Tuesday the sanctions that the European Union applied on Monday against six senior officials of the regime of Daniel Ortega for being involved in acts of human rights violations in Nicaragua.
The United Kingdom, which recently left the EU in what became known as the “Brexit”, nevertheless joined the sanctions against Ortega’s officials: Ramón Antonio Avellán Medal, deputy director of the Orteguista Police; Sonia Castro, presidential advisor on health issues; Francisco Javier Díaz Madriz, director of the Orteguista Police and Ortega’s father-in-law; Néstor Moncada Lau, Ortega’s personal advisor; Luis Pérez Olivas, director of El Chipote; and Justo Pastor Urbina, director of anti-riot.
Sonia Castro: Responsible for obstructing access to emergency medical care for injured civilians involved in demonstrations and ordering hospital staff to inform protesters that they were taken to the hospital by police.
Nestor Moncada Lau: Has been directly involved and is responsible for decision-making on national security matters and the establishment of repressive policies carried out by the State of Nicaragua against people participating in demonstrations, opposition representatives and journalists in Nicaragua from April 2018 onwards.