Reports Of Breaches Of Sanctions Reach Almost £1B

Law360, London (October 13, 2020, 11:32 AM BST) -- The British government's sanctions regulator said reports of breaches surged to £982 million ($1.3 billion) in the 12 months ending March 2020 from £262.33 million reported the year before.

The banking and financial services sectors reported most of the breaches, but other fields including insurers, law firms and energy providers also filed reports, the Office of Financial Sanctions Implementation said in its annual review of the period April 2019 to March 2020.

The watchdog received 140 reports of potential financial sanctions breaches during the year, up from the 99 reports it handled in the 12 months to March 2019 and the...

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