Key takeaways

• New draft law seeks to bolster the UK government’s options to enforce breaches of sanctions by creating powers akin to those the Office of Financial Assets Control and the U.S. Department of Justice wield.
• The new law would increase criminal penalties, create a new regime of civil penalties and make deferred prosecution agreements available for sanctions violations.
• The proposed changes follow the recent creation of the Office of Financial Sanctions Implementation which is charged with enhancing enforcement and improving businesses’ understanding of sanctions.