The UK’s Treasury Committee has published a report entitled “Economic Crime – Anti-Money laundering supervision and sanctions implementation”. The report focuses on the effectiveness of OFSI, the sanctions enforcement division of the Treasury. In submissions, OFSI indicated that, in addition to its first fine against Raphaels Bank (see post), there are a number of potential sanctions breaches under investigation, and that “public examples of enforcement will be necessary if OFSI is to be recognised as an effective deterrent”. The report recommends a review of OFSI to take place this year, two years after its launch in 2017.
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...See profile for Michael O'Kane >