Context
OFSI Financial sanctions guidance on the approach OFSI takes including sector and regime specific guidance, as well as information on monetary penalties for breaches of financial sanctions has been updated.
Key points to note
- The guidance is produced by the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, the authority for the implementation of financial sanctions in the UK.
- It outlines financial sanctions obligations as well as OFSI’s approach to licensing and compliance issues, taking into account relevant case law and guidance at the date of publication.
- OFSI cannot issue definitive information on how a UK court might interpret these laws but the published document is a useful general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018.
Next actions
None – for information and awareness.