Office of Trade Sanctions Implementation launches on 10th October

Housed within the Department for Business and Trade, OTSI will:

• Oversee the civil enforcement of certain trade sanctions as they relate to UK services and overseas trade with a UK nexus;
• Have the power to impose monetary penalties for breaching sanctions regulations, at a maximum of £1 million or 50% of the estimated value of the breach, depending on which is higher; and
• Be able to make public disclosures of breaches.

💡 OTSI’s enforcement powers will apply to all UK persons including businesses (located anywhere in the world), and any person including businesses in the UK or the UK territorial sea. It will introduce new reporting obligations of relevant persons for known or suspected breaches, and powers to request information.

✅ Plenitude’s Tech and Data Practice can help your firm implement robust and effective trade finance processes and controls, including sanctions screening and dual use goods checking systems. Get in touch for more information.