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 …
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 …