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.
How Gherson can help
Gherson has extensive experience in advising on the UK and EU sanctions regimes from a number of different perspectives. Our experts have helped sanctioned clients in respect of compliance with the sanctions regulations, challenging sanctions designations and sanctions-related disputes against government authorities and/or other commercial parties.
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The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
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