The UK’s sanctions regimes remain dynamic as they continue to respond to geopolitical changes. In recent weeks, the UK has enhanced its Russia sanctions, despite the uncertain direction of the international sanctions on...more
In this weekly update, we summarise the most notable updates in the UK sanctions world. ...more
On 28 March 2023, the UK Office of Financial Sanctions Implementation of HM Treasury (“OFSI”) issued the “Bond amendments and restructurings for non-Designated Persons” general licence (General Licence - INT/2023/2824812)...more
The UK Office of Financial Sanctions Implementation (OFSI) of HM Treasury (HMT) published its annual review for 2020 to 2021 on 14 October 2021. The annual review covers a period in which OFSI moved from implementing an EU...more
The Office of Financial Sanctions Implementation ramps up enforcement activities in London - A new UK sanctions enforcement body with added civil enforcement tools is ramping up activities. ...more
On April 3, 2017, the UK Treasury’s Office of Financial Sanctions Implementation (OFSI) announced new penalties for economic sanctions violations of £1 Million or 50% of the value of the transaction, whichever is higher. As a...more
As previously reported, the Policing and Crime Act 2017 (the Act) introduced a series of major changes to the U.K. financial sanctions regime. The changes, which came into force on April 1, 2017, included the creation of new...more
The Policing and Crime Act 2017 (the “2017 Act“) has introduced measures to strengthen the effectiveness of the UK’s financial sanctions regime. The delay in the implementation of UN sanctions as a result of EU processes is...more
A new regime in the UK for punishing individuals or businesses that breach financial sanctions came into force on 1 April 2017. In March 2016 the Office of Financial Sanctions Implementation (OFSI) was formed, as part of...more
A new regime in place in the UK for punishing individuals or businesses that breach financial sanctions comes into force from 1 April. In March 2016 the Office of Financial Sanctions Implementation (OFSI) was formed, as part...more
The policing and crime bill received royal assent on 31 January 2017. The new Policing and Crime Act 2017 (the Act) introduces changes to a wide cross-section of the criminal justice system, including policing powers and...more
The Office of Financial Sanctions Implementation (OFSI), which is a part of HM Treasury, published the UK Government's proposed approach to imposing financial penalties for breach of financial sanctions. OFSI was established...more
On March 31, 2016, the U.K. launched the new Office of Financial Sanctions Implementation (OFSI) within HM Treasury. OFSI, which assumes the financial sanctions responsibilities previously carried out by HM Treasury’s Asset...more
The current UK sanctions enforcement regime is a complicated web reflecting the requirements of UN Security Council Regulations, EU Regulations, and UK Primary and Secondary Legislation. Penalties for breaches of sanctions...more