Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many warning letters have been issued by the Office of Financial Sanctions Implementation in response to Suspicious Activity Reports of potential sanctions breaches in (a) each financial and (b) calendar years in the last three years including 2022.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
When individuals or firms report frozen funds or dealing with a designated person to HM Treasury’s Office of Financial Sanctions Implementation (OFSI), OFSI takes appropriate action depending on the report. Where there may be financial sanctions compliance concerns it investigates accordingly. OFSI’s responses range from no further action, where no breach is found, to monetary penalties where a breach is sufficiently serious.
OFSI may issue a warning letter in a wide range of circumstances, including following enforcement investigations in response to a Suspicious Activity Report (SAR). However, OFSI does not break down referral data for enforcement cases which originate from SARs.