On 5 April 2016, HM Treasury updated the guide to the approach of the Office of Financial Sanctions Implementation (OFSI) to financial sanctions when it issues licences and considers compliance. The updated guide is not legal advice but simply a guide to the approach which the Office of Financial Sanctions Implementation (OFSI) takes when issuing […]

HM Treasury has changed the way it delivers its updates regarding financial sanctions in effect in the United Kingdom. HM Treasury now sends email updates from: hmt.financialsanctions@public.govdelivery.com General enquiries about financial sanctions, licences, notification/authorisations, frozen assets, and reports should be sent to: financialsanctions@hmtreasury.gsi.gov.uk For updates, new users can sign up here

WILL THIS MEAN BETTER GUIDANCE, INCREASED PENALTIES AND MORE ENFORCEMENT? On 8 July 2015, the UK government published its Summer Budget 2015. Deep in the detail of the supporting policy decisions, at paragraph 2.185, the government announced its plans to establish a new “Office of Financial Sanctions Implementation”. The new office, which is to be […]

HM Treasury has revised its policy on certain transactions relating to the payment of funds by asset freeze targets in light of recent EU case law. Any funds arriving in the UK or in a UK bank anywhere in the world which have come from or via a designated person outside of the EU will be required […]

This report provides an overview of the findings from a programme of themed on-site  examinations conducted by the Banking division of the Commission during 2013-14. The findings in this report are drawn from 17 on-site examinations of banks conducted  by Commission staff as well as responses to a self-assessment questionnaire that was sent  to each […]

Budapest – The European Union has harmed itself economically with the sanctions it has imposed on Russia over Ukraine, Hungarian Prime Minister Viktor Orban said on Friday, calling for a rethink. Orban’s remarks came a day after his Slovak counterpart, Robert Fico, criticised the sanctions as “meaningless”, saying they would threaten economic growth in the […]

Treasury has revised its policy on certain transactions as a result of recent EU case-law. Any funds arriving in the UK, or in a UK bank anywhere in the world, which have come from, or via, any person who is the subject of sanctions, must be frozen in a suspense account, or other separate account, on […]

HM Treasury has published a set of responses to Frequently Asked Questions (FAQs) regarding the scope and practical applicability of the UK financial sanctions regime. The FAQs include detail on the applicability and enforcement of the regime, the powers of HM Treasury in relation to information gathering, and details on HM Treasury’s list of persons […]