Office of Financial Sanctions Implementation

IPA Insolvency Practitioner newsletter AML Digest, May 2024

The Office of Financial Sanctions Implementation (OFSI) is a department of HM Treasury which helps ensure financial sanctions are understood, implemented and enforced in the UK.

OFSI has impacted on insolvency work after the Russian invasion of Ukraine and the use of sanctions against Russian and Belarussian entities.

However, OFSI carried out vital work on sanctions well before this time since they were set up in 2016 and it is important that checks are made of the OFSI Consolidated list as part of CDD/EDD work.

OFSI publish several guidance documents which will be of assistance to IPs. Updated guidance on financial and investment restrictions under Russia (Sanctions) (EU Exit) Regulations 2019 was published on 20 February 2024 (link here) and the IPA would recommend that your MLRO sign-up to news alerts from OFSI as the sanctions regime is subject to regular updates.

A couple of links that may assist are:

OFSI Blog updating on licensing process and policies – view here

UK Financial Sanctions Guidance – updated 13 February 2024 – view here