On 21 January 2019, OFSI imposed its first monetary penalty. The penalty is £5,000 on Raphaels Bank in the UK for violating EU Egypt sanctions, namely dealing with £200 in funds belonging to a designated person. OFSI reduced the penalty by 50% from £10,000 because Raphaels Banks itself disclosed the breach and cooperated with OFSI. See OFSI Notice and Guidance …
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Maya Lester KC is a senior barrister (King’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human...
Egypt
United Kingdom