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 …
On 26 October 2023, the High Court of Justice, Administrative Court, delivered its judgment rejecting a legal challenge by Mikhail Fridman against OFSI’s decision to refuse to grant certain licence requests. OFSI has been at the front and centre of …
October 2023 marked one year since the launch of the OFAC-OFSI Enhanced Partnership, an ongoing commitment from two of the world’s leading financial sanctions implementation authorities to deepen their collaboration. Over the last year, the UK Office of Financial Sanctions …
The critical role that financial sanctions have played in the international coalition’s response to Russia’s invasion of Ukraine has further demonstrated what a crucially important tool they are for the UK to protect its national security and financial integrity. As …
In response to the illegal invasion of Ukraine, the UK introduced the largest and most severe package of economic sanctions that Russia has ever faced. As a result, the Office of Financial Sanctions Implementation (OFSI) continues to experience unprecedented high …
The trust services sanctions came into effect on 16 December 2022. These are financial sanctions, for which the Office of Financial Sanctions Implementation (OFSI) is responsible, while the Department for Business and Trade is responsible for professional and business services …