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Jonathan Fisher QC quoted on first OFSI fine

Jonathan Fisher QC was quoted by moneylaundering.com on the significance of the first enforcement action taken recently by the Office of Sanctions Implementation (OFSI). The article, In First Punitive Action, UK Sanctions Agency Assesses Modest Penalty Against Bank, discusses the £5,000 fine imposed against Raphaels Bank. The bank was fined for facilitating a £200 transaction they knew or could have suspected involved a person against whom there were EU sanctions. Jonathan Fisher QC regarded this penalty as OFSI “testing its systems to see if they work” and discussed the message this action sends to the financial community.
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