Tag Archives: OFSI
OFSI has updated its website to reflect the latest legislation and guidance on how the UK will implement on the one hand EU and on the other UN and domestic sanctions in the event of a no-deal Brexit. Legislation has been made under SAMLA to take effect on a no-deal Brexit in relation to Burma, […]
OFSI has imposed its first publicised financial penalty for breach of sanctions restrictions. It fined Raphaels Bank £5,000 for dealing with £200 of a person designated under the Egyptian asset freezing legislation. The bank notified OFSI as soon as it became aware of what it had done and, as a result, what would have been […]
UK Finance has submitted a note to the Economic Crime enquiry on how to improve the effectiveness of the sanctions regime. It says its members regard SAMLA as a necessary piece of legislation which is largely as expected. It recognises that operating outside the EU framework might lead to greater flexibility, and makes some suggestions […]
Treasury has updated its periodic AML advisory notice to reflect the conclusions from the FATF plenary meeting. The notice reiterates the expectation that firms will: apply EDD and countermeasures in respect of North Korea apply EDD in respect of Iran and take appropriate measures to minimise risks in respect of the Bahamas, Botswana, Ethiopia, Ghana, […]
Treasury has enabled a regime to implement the EU Regulation on financial sanctions against persons, entities and bodies involved in proliferation and use of chemical weapons. There are not any designated persons on the list as yet.
OFSI has published its annual review covering the period from April 2017-March 2018. The review covers: that 29 regimes were implemented during the year, with the most active list by far being North Korea (with 96 additions, and other regimes accounting for less than 30, but the lists with the largest number of sanctioned targets […]
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 […]
OFSI has updated its guidance on reporting to it. There is a legal obligation to report to OFSI: known or suspected breaches of financial sanctions; knowing or suspecting that a person is a designated person; or knowing or suspecting that an entity holds frozen assets where that knowledge or suspicion arises in the course of business. OFSI’s […]
OFSI has published a list of FAQs for importers and exporters focussing on the application of financial sanctions. It notes the separate regimes and potentially the need for separate licences that may be required from OFSI in relation to financial sanctions and the Export Control Joint Unit for trade sanctions. It notes some key risks […]
Philip Hammond is to use the G7 and IMF meetings in Washington this week to call for: international agreement on denying North Korea access to finance. He wants all jurisdictions to push their banks and insurance companies to be more alert to spotting new methods of deception that attempt to bypass restrictions; and the IMF to target global corruption. He […]
The Government has made legislation creating a financial sanctions regime in relation to Venezuela and OFSI has published a financial sanctions notice, although there are as yet no designated persons under the regime. The changes follow an EU decision.
OFSI has published a financial sanctions notice confirming that the UN Security Council has imposed restrictive measures because of the threat to international peace and security posed by Mail, and this was followed by an EU Regulation imposing an asset freeze on individuals and entities identified by the UN. However, no-one has yet been identified […]
OFSI has published a quick guide to UK business’ obligations under financial sanctions requirements. The material is not new, but repackages some existing guidance on: complete general guidance – including guidance on licences and queries specific to certain industry sectors monetary policies and the assessment process and the quick guide
OFSI has published an updated webpage with a new template for the annual frozen asset review and reporting form.
Treasury and OFSI have updated their guidance on financial sanctions to bring the general guidance and guidance on the relatively new monetary penalties for breach together.
HM Treasury and OFSI have updated their guidance on what to do in the case of a suspected breach of financial sanctions. It has published its suspected breach form, and says firms should report suspected breaches as soon as they become aware of them, including the names of all relevant parties, amounts, account names and […]
OFSI has reminded firms that it now has power to impose penalties for breaches of financial sanctions, and says it will normally publish details of cases where it imposes them. It has also published guidance on its approach to compliance and enforcement, and on how it will assess whether to impose a monetary penalty, and the […]