OFSI reminds on frozen asset reporting

OFSI has reminded all firms that hold or control funds or economic resources belonging to, owned, held or controlled by a designated person to provide a report to OFSI by 12 October.

The report should cover both the UK and overseas where they are subject to UK financial sanctions legislation and should report the value as at close of business on 28 September.

OFSI reminds firms that it does not require nil returns unless a firm submitted a report last year about assets it no longer holds. Equally, and obviously, firms should report newly frozen funds or economic resources immediately.



Emma Radmore