https://ofsi.blog.gov.uk/2018/10/05/ofsi-releases-annual-review/

OFSI releases annual review

How many financial sanctions regimes does the UK implement? How much money do UK institutions hold in frozen funds? You can find out in OFSI’s first annual review, released today.

The review gives a snapshot into OFSI’s work in the financial year 2017-18, providing key statistics from the different areas of financial sanctions implementation.

These include:

  • additions to the Consolidated List in 2017-18 by regime
  • reports of financial sanctions breaches
  • licences and amendments issued
  • how we increased our digital footprint

We have produced the review in response to feedback, providing insight into OFSI’s operations over the last financial year.

Over the next financial year, OFSI will focus on Brexit and the changes that it will bring to the way in which the UK implements financial sanctions. The Sanctions and Anti-Money Laundering Act received Royal Assent in May and will provide the legal framework for the UK’s sanctions policy and implementation. OFSI will work with FCO and other sanctions departments to keep stakeholders informed. We will do this through targeted outreach and guidance, helping businesses understand any changes they will need to undertake.

We have released full year statistics in the past, but will now move to a financial year reporting cycle. The review is part of our commitment to keep our stakeholders informed and updated about financial sanctions implementation.

Read the full review here and email any questions to ofsi@hmtreasury.gov.uk.

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