| Link(s): | OFSI Video Guidance – GOV.UK |
Context
The OFSI has released a new video series, ‘Financial Sanctions: The Basics’. This series provides high level, accessible guidance on OFSI’s processes and how to comply with financial sanctions obligations
Key points to note and next actions
The video series covers a variety of topics:
- Introduction to OFSI and Financial Sanctions – provides detail on the work carried out at OFSI and how financial sanctions work more generally.
- OFSI Guidance – provides an insight into the range of guidance that OFSI produces to help individuals and companies comply with UK financial sanctions.
- Consolidated List – gives an overview of the consolidated list (detailing which individuals are designated under UK sanctions) and how OFSI and FCDO come together when there are new designations, and what firms should do once an individual has been designated.
- Reporting to OFSI – covers what to do if you suspect a financial sanctions breach and explains how to report to OFSI quickly and effectively.
- General Licences – introduces general licenses, with an overview of who might use one and how they work.
- Specific Licences – explains what a specific licence is and how to apply for one.