Ongoing technical issues with global IT systems, as reported in the media, may be impacting upon firms’ ability to fulfil their reporting obligations to OFSI, or meet other deadlines to supply us with information. For any reporting which misses the …
On 1 May, the Office of Financial Sanctions Implementation (OFSI) introduced Frequently Asked Questions (FAQs), a new form of additional guidance aimed at providing technical support to industry partners and the public. Our FAQs are designed to offer easily accessible …
Compliance with financial sanctions is critical for all businesses including those in the maritime shipping sector. For maritime businesses, including shipping companies, port operators, insurers, and financial institutions, adhering to financial sanctions regulations requires a proactive and comprehensive approach given …
Earlier this month, sanctions leads and implementers from across the Crown Dependencies (CDs) and Overseas Territories (OTs) gathered in London for the fourth annual CDs and OTs Sanctions Forum. Sanctions Implementation in the CDs and OTs The CDs and OTs …
The maritime shipping industry is crucial for global trade and growth, linking countries and economies worldwide. However, because of its global reach, it faces unique challenges with financial sanctions. To help businesses navigate these complexities and ensure compliance, OFSI has …
This blog provides further information on how the Office of Financial Sanctions Implementation (OFSI) makes licensing decisions. We outline both the process involved in obtaining a licence, from submitting an application to (if the licence is granted) receiving a …
The Office of Financial Sanctions Implementation (OFSI) is committed to providing high-quality, widely accessible and easy to understand guidance to support our users to implement financial sanctions. As part of this commitment, we are always looking for ways to improve …
In June 2023, the UK government announced that it would be introducing two new reporting measures. These are to strengthen transparency of frozen assets in the UK and assist HM Treasury in monitoring compliance with, and detecting evasion of, financial …
Regulation 17A of the Russia (Sanctions) (EU Exit) Regulations 2019 was amended with effect from 15 December 2023. This amendment prohibits UK banks[1] from processing payments previously processed by designated banks (meaning banks designated specifically under regulation 17A) or …
On 14 December 2023, the Office of Financial Sanctions Implementation (OFSI) published its Annual Review for the financial year 2022 to 2023 containing reporting on assets frozen under UK financial sanctions regulations. This blog explains more about the two separate reporting …