Office of Financial Sanctions Implementation (OFSI)

Today OFSI published a Threat Assessment Report covering Financial Services. The report identifies key evasion threats, red flags that businesses should be aware of, and recommendations on how to mitigate the identified risks. This is the first in a line of Threat Assessment Reports produced by OFSI, as committed to under the Economic Crime Plan 2. To read the report, click here: https://lnkd.in/edUPr3Ag

We're recruiting for a Senior Enforcement Officer & a Senior Compliance Monitoring Officer in our Enforcement Unit across London, Darlington and Norwich. These are exciting and varied roles working to ensure the effective implementation of the UK’s financial sanctions. Find out more and apply here for the roles: https://lnkd.in/eKDc-N_C

It was a pleasure to welcome colleagues from FIU Latvia and other UK authorities to discuss and share best practices and information to enhance sanctions implementation and enforcement. Together, we are committed to ensuring that sanctions against Russia are effectively enforced for maximum impact. 

Join us for the second viewing of our webinar providing an overview of sanctions guidance for High Value Dealers and Art Market Participants. The webinar will cover the same topics as the webinar held on 16 January, but it will not include a Q&A session. Follow the link to sign up - https://lnkd.in/df6RCYXJ

OFSI recently issued updated High Value Dealers and Art Market Participants guidance, including new reporting requirements which will come into effect on 14 May 2025. To find out more about the upcoming changes, join us for OFSI’s dedicated webinars, at 1pm on 16 January and 23 January 2025. To sign up, click the links below: To sign up to the webinar and live Q&A on 16th January, click here: https://lnkd.in/eujHDfeE To sign up to the webinar without Q&A on 23rd January, click here: https://lnkd.in/eYQX4j_D

🔴 SANCTIONED: Russian oil giants producing over 1 million barrels of oil daily between them. We will continue to constrain the Kremlin and #StandWithUkraine 🔗 https://lnkd.in/erS6bsk8

OFSI recently issued updated High Value Dealers and Art Market Participants guidance, including on new reporting requirements which will come into effect on 14 May 2025. The guidance impacts a number of goods, including art, antiques, luxury cars, precious metals, gemstones, and investments in wines and whiskies to name a few. OFSI are hosting a webinar and Q&A session at 1pm on 16 January, followed by the same webinar but without a Q&A session on 23 January 2025. These will provide an overview of the updated guidance and reporting requirements.   To sign up to the webinar and live Q&A on 16th January, click here: https://lnkd.in/eujHDfeE   To sign up to the webinar without Q&A on 23rd January, click here: https://lnkd.in/eYQX4j_D

OFSI issues advisory highlighting attempts to evade G7+ oil sanctions by disguising Russian oil and oil products as non-Russian. For more information, click here: https://lnkd.in/e3R3ryaY

On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument introduces numerous changes to improve OFSI’s intelligence on industry’s compliance, strengthen OFSI’s enforcement powers, enable OFSI to deal with licensing applications more efficiently, and clarify financial sanctions legislation where there is existing uncertainty. For further information, click here: https://lnkd.in/eejawMAP Our Frequently Asked Questions page has been updated from 125-131 to clarify the use of regulatory payments exceptions. Link here: https://lnkd.in/dz93urCe

To support industry stakeholders, a two-week extension has been granted for submitting reports to the Frozen Asset Review 2024. The new deadline to submit a report is 25 November 2024.    For the details of this extension, please refer to the newly added FAQ 123 in the General section of our Frequently Asked Questions by clicking here: https://lnkd.in/dz93urCe   For more information about the Frozen Asset Review 2024 click here: https://lnkd.in/djvq7Cd