The fine, which was imposed after review by John Glen, Economic Secretary to the Treasury, represents a significant increase on OFSI’s previous (and at that point largest) financial penalty of £146,341, issued against Telia Carrier UK Limited (Telia), for having ‘indirectly facilitated international telephone calls’ to a sanctioned Syrian entity (see GT Alert, OFSI Finds Its Teeth While OFAC Continues to Enforce Against Non-U.S. Corporates).

In this GT Alert, we outline what led OFSI to impose a fine on Standard Chartered, how the fine was treated on review, and what the implications are for sanctions enforcement in the UK.

Read the full GT Alert: “The Pendulum Swings: Record Fine Imposed by UK Sanctions Monitor, but Only After Reduction on Review.”