The penalty powers under the Policing and Crime Act 2017 apply to offences committed after 1 April 2017. In 2016, just over 100 suspected breaches were reported to OFSI, 95 of which were actual breaches, totalling around £75m.

Simon Kirby, economic secretary to the Treasury, said: ‘Financial sanctions are a valuable tool against individuals, countries and terrorist groups who threaten UK foreign policy and financial services as well as our national security.

‘Monetary penalties are a new way of responding to offences. The UK currently imposes financial sanctions in 27 sanctions regimes. Breaching sanctions is a criminal offence and the most serious cases could shortly incur prison sentences of up to seven years.’

OFSI will normally publish summary details of penalty cases, to deter non-compliance and support compliance best practice.

It has also published guidance on the operation of the new penalty regime, outlining its approach to compliance and enforcement and case assessment. It provides details of the penalty process, including how penalties are calculated, and the rights of ministerial review and appeal.

Rena Lalgie, head of OFSI, which is the UK’s competent authority for implementing financial sanctions, said: ‘We’ll continue to provide information and guidance to business, industry, the public and charitable sectors to facilitate compliance with financial sanctions.

‘However, we will issue penalties for serious breaches and we won’t hesitate in referring the most serious cases to law enforcement agencies.’

OFSI guidance on monetary penalties for breaches of financial sanctions is here.