OFSI publishes 2017-18 Annual Review
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On 5 October, the UK Office of Financial Sanctions Implementation (OFSI) published its first Annual Review. The report provides an explanation of requirements such as asset freezes and reporting, looks back at OFSI’s 2017-18 activities, and looks forward at 2018-19.
Looking back – key points
- The largest number of individuals and entities added to OFSI’s Consolidated List were from the Democratic People’s Republic of Korea (North Korea), followed by ISIL/Al Qaeda. When reviewing 2017-18 sanctions per regime, ISIL received more sanctions, followed by Syria.
- As of September 2017, UK businesses held £12.8 billion of frozen funds, with more funds frozen under the Libya sanctions regimes than under any other regime.
- 122 suspected sanctions breaches were reported to OFSI, with a reported value of circa £1.35 billion.
- More licenses were granted for legal fees than any other request.
Looking forward – key points
- OFSI has committed to improving the search function in the Consolidated List, introducing fuzzy search capability.
- OFSI plans to publish more targeted guidance in 2018-19.
- One of OFSI’s key focuses will of course be the implementation of sanctions post-Brexit.