OFSI publishes annual report

OFSI’s annual review for 2018-2019 highlights:

  • the first imposition of monetary penalties;
  • work to prepare for Brexit;
  • the positive reaction to OFSI in the FATF evaluation;
  • that during the year 32 regimes were active – with Burma, Maldives and Chemical Weapons being introduced during the year and the Eritrean regime terminated;
  • the vast majority of all frozen funds in the UK (over £11,000,000,000) relate to Libya;
  • 99 reports of suspected breaches with a value of over £250m;
  • the issue over the year of 58 licences and 84 licence amendments, of which 50% of new licences related to legal fees; and
  • the work done on SAMLA.

Emma Radmore