Once a monetary penalty becomes finalised and payable, OFSI will inform the person concerned how they should pay. Payment should be made within 28 working days of the date the penalty has been imposed, and should not be unreasonably delayed. We can discuss payment timing with persons subject to a penalty.
HM Treasury will pursue non-payment of debt by appropriate means. Section 146 (11) of the 2017 Act, Regulation 88C (8) of The Russia Regulations and Regulation 56C (6) of the Belarus Regulations all say any monetary penalty payable under this section is recoverable by the Treasury as a civil debt.
Section 146 (12) of the 2017 Act and Regulation 88C (9) of The Russia Regulations and Regulation 56C (7) of the Belarus Regulations all say any monetary penalty received by the Treasury by virtue of this section must be paid into the Consolidated Fund. This means that the payment goes into the UK Exchequer’s general funds for use by the government.