OFSI publishes its first Financial Sanctions FAQs

06 May 2024, 10 mins ago

On 1 May 2024, OFSI has published its first UK Financial Sanctions FAQs

The publication was welcomed by sanctions professionals as it provides some guidance on OFSI approach to sanctions and their view on various sanctions related concepts, including licencing, ownership and control, financial payments. Similar guidance have already been implemented in the USA (OFAC FAQ) and EU (consolidated guidance)

The publication of FAQs was accompanied by OFSI blog “OFAC launch FAQs” where OFSI recommends reviewing FAQs alongside existing laws and guidance. Although OFSI does not specify on the frequency of its FAQs publications, it states that it may publish new FAQs when policy changes occur, or enforcement actions and wider implementation problems take place.

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