Tag Archives: GB

image_pdfimage_print

News story: New penalties for breaching financial sanctions now in force

From today (3 April 2017), the Treasury’s Office of Financial Sanctions Implementation (OFSI) will start to use powers to impose penalties for serious financial sanctions breaches. These can be up to £1 million or 50% of the breach, whichever is higher.

This new power is one of a series of measures in the Policing and Crime Act which will strengthen the government’s response to financial sanctions breaches. The penalty powers apply to offences committed after 1 April 2017. In 2016, just over one hundred suspected breaches were reported to OFSI, 95 of which were actual breaches, totaling around £75 million.

Economic Secretary, Simon Kirby, 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.

This government won’t tolerate breaches of financial sanctions. We’ll continue to place more emphasis on compliance and we will take tough action against those who deliberately flout the law.

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.

In December 2016 OFSI consulted on guidance to support monetary penalties and today publishes guidance alongside a summary of consultation responses.

Rena Lalgie, Head of OFSI, commented:

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, created on 31 March 2016, is the UK’s Competent Authority for implementing financial sanctions. It works with a wide range of individuals, businesses and not-for-profit organisations who could be impacted by financial sanctions to: raise awareness of financial sanctions, improve compliance, and detect and address breaches.

read more

Speech: Ulster Farmers’ Union Annual Dinner Speech

I would like to begin by congratulating President Barcley Bell and guests for this celebration of all that is good with Northern Ireland food and farming.

And it is right that we take the time to promote and celebrate the success of the industry given its vital contribution to the economy of Northern Ireland – not least as we approach the UFU’s centenary year in 2018.

I may not know the ins and outs of a stripper sow or a well sprung heifer, but I do understand how fundamental agriculture is to Northern Ireland.

With a 48,000 strong workforce, agriculture is one of Northern Ireland’s most significant employers.

Its 25,000 farms cover over 1 million hectares, with its farmers, food producers and traditional food crafts NI produce is renowned at home and abroad.

And you also play a key role in contributing to the £4.5bn annual turnover of the agri-food industry as a whole, helping to deliver a stronger, more secure economy in Northern Ireland.

And as tonight reminds us it is not just an industry committed to growing the economy but a social and cultural force too.

One that supports rural communities and networks, investing in the next generation so it can thrive – with projects like the Next Generation Forum and the Land Mobility Project, which will help the industry realize its ambitious plan for the next 20 years.

So tonight is a welcome opportunity to showcase the best of the industry, and to set out the importance of working together to reinforce and strengthen its opportunities for growth.

But people in Northern Ireland also need to have a stable base from which to seize those opportunities. And that means stable government.

As a Government we are doing everything we can to secure the resumption of the Executive and end the ongoing uncertainty and disruption.

And I hope that all here today will underline the need for constructive engagement to reach a positive conclusion as quickly as possible in the critical weeks to come.

But coming back to tonight, I want to acknowledge the many innovative and creative farmers here in Northern Ireland who are at the forefront of their sectors.

Whether that be the well-trusted Wilson’s Country Potato range; the Forest Feast portfolio that sells in 36 countries worldwide; the innovative apple juices and ciders of the McCann family of Co. Armagh; or diversification projects like the Hillstown farm shop on the Logan family farm in Randalstown – the agri-food industry here punches well above its weight.

And it is essential that the industry as a whole will continue to innovate and to capitalise on growth opportunities, as it reaches out to new and existing markets.

I will continue to engage with the industry to do just that – including by looking at how to leverage new opportunities as we leave the European Union.

And it is perhaps worth me pausing to say a few words on that subject, because I am keenly aware – from my Business Advisory Group engagements and remarks again here tonight – of the strong interest there is about our way forward, especially now that we have triggered the Article 50 process.

As the Prime Minister set out in her letter to President Tusk, we are clear in our intent in wanting to secure tariff-free and barrier-free trade. We want to agree a deep and special partnership between the UK and the EU, taking in both economic and security cooperation.

And as Secretary of State, I am fully committed to ensuring that the unique interests of Northern Ireland will be protected and advanced, and the UK’s unique relationship with the Republic of Ireland recognised. It is notable that the Prime Minister included a specific reference to this unique relationship as a priority in the Article 50 letter which also set out the desire to avoid any return to a hard border.

Those here today can be assured that we are going to make the most of the opportunities that our departure presents to Northern Ireland.

In particular we will prioritise an outcome that means the land border remains as seamless and frictionless as possible, recognising the particular issues for businesses, like many of those represented here tonight, with complex cross-border supply chains and distinct animal and plant health regimes.

Earlier this week we published the Great Repeal Bill White Paper to provide clarity and certainty for businesses, workers and consumers across the United Kingdom on the day we leave the EU.

As powers return from the EU, we have an opportunity to determine the level best placed to take decisions on these issues, ensuring power sits closer to the people of the United Kingdom than ever before.

In some areas, this will require common UK frameworks. Decisions will be required about where a common framework is needed and, if it is, how it might be established. The devolved administrations also acknowledge the importance of common UK frameworks. We will work closely to deliver an approach that works for the whole of the United Kingdom and reflects the needs and individual circumstances of England, Scotland, Wales and Northern Ireland.

And working together, we can deliver our vision for a world-leading, secure agri-food industry and a cleaner, healthier environment, benefiting people and the economy alike.

I know the Environment Secretary Andrea Leadsom enjoyed her visit to Northern Ireland at the end of last year. I have had the opportunity to meet some representatives of the agri-food sector in Northern Ireland.

Parliamentary Under Secretary of State Lord Dunlop has also taken a keen interest in the local sector. I know many of you will have spoken to him in recent weeks.

At the recent National Farmers’ Union Conference the Environment Secretary set out her priorities for building world-leading food and farming industries.

She is very clear that we have a significant opportunity to design new, better and more efficient policies for delivering sustainable and productive farming, land management and rural communities.

I am also pleased that the Treasury has provided a guarantee to the agricultural sector that it will receive the same level of funding that it would have received under Pillar 1 of CAP until the end of the MFF (Multiannual Financial Framework) in 2020.

It provides certainty and continuity while we develop a new approach to supporting agriculture and protecting our precious countryside.

Mr President, there is much to acknowledge, much be positive about, and much to celebrate this evening.

I would like to once again thank President Bell and guests for the hospitality extended to me, and look forward to continuing to celebrate the many successes of the industry now and in the years to come.

read more

News story: UK and US continue collaborative nuclear agreement

On March 8 2017, the 16th Standing Committee Meeting was held on the fringes of the annual Waste Management Conference in Phoenix, Arizona.

The meeting included members of the US Department of Energy (DOE) Environmental Management (EM), Savannah River National Laboratory (SRNL), UK’s Nuclear Decommissioning Authority (NDA) and its subsidiaries RWM and Sellafield Ltd along with the UK National Nuclear Laboratory (NNL) and the UK Department of Business, Energy and Industrial Strategy. They discussed the current collaborative activities between the organisations under the DOE/NDA/NNL trilateral Statement of Intent (SOI).

The SOI has been in place since 2007 and was recently renewed for a further 5 years through to March 2022. Since its inception, numerous information and lessons learned exchanges have taken place under the auspices of the SOI on a wide variety of topics ranging from contracting strategies to plutonium management. Current activities are focused on start-up and commissioning, aging infrastructure management and robotics/remote technology development and implementation.

All participants agreed that, going forward, they will focus more effort on developing tangible collaborative projects to better leverage the excellent long term relationships that have been formed and maximise the financial and technical benefit of the arrangement on both sides of the Atlantic.

Adrian Simper, Director of Technology and Strategy at the NDA, said:

The intangible benefits of this relationship have been excellent in terms of the sharing of know-how and lessons learned but to get the greatest value out of the partnership, we need to identify some tangible projects where we can pool our resources and expertise.

Ana Han, Head of US Department of Energy (DOE) Environmental Management’s International Program said:

The US/UK collaboration continues to set the benchmark for other government-to-government collaborative efforts but we both know that we can do better and that will be the focus of effort over the next 5 years.

The 17th Standing Committee Meeting is planned to take place in Manchester in November in the margins of the NDA Estate Supply Chain Event.

read more

News story: HMRC launches a new way to report income and expenses online

HM Revenue and Customs’ (HMRC) ambition for most businesses to keep records digitally and send quarterly summary updates moves a step closer with the launch of the Making Tax Digital for Business (MTDfB) pilot.

In April, HMRC will invite some customers, both businesses and their agents to sign up for a new way to report income and expenses online. At different stages of the pilot customers will help HMRC develop and improve the new service by:

  • using accounting software to record their business income and expenses
  • sending summary reports of their income and expenses direct from their digital records quarterly or more often if they choose
  • signing up to go paperless

Based on the information they report, customers will get an estimated tax calculation.

As soon as the new service has been tested with the first group of businesses and agents, other customers will be able to join the pilot. These customers will be able to report their income and expenses for the quarter they join as well as any previous quarters.

Customers who aren’t invited to take part in the pilot at the beginning won’t be able to start sending quarterly reports to HMRC immediately, but they can:

  • start to use accounting software to keep their records if they don’t already
  • check with their software supplier, or agent, that any software they use, including spreadsheets, is compatible with quarterly reporting

HMRC will publish a list of software suppliers who’ve developed compatible software and registered with them later in the year. Some of this software is free.

In a recent agents blog HMRC explains how it’s working with tax agents to bring about this major change.

Find out more about making tax digital for business.

read more