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 licences and considering compliance, reflecting case law and EU guidance as at 5 April 2016.
It is the second update this year, the first was in January when the FAQs were amended to reflect the latest notice: Iran (Nuclear Proliferation): economic and financial sanctions relief under the JCPoA
Financial sanctions are usually made through EU law which has direct effect under UK law.
OFSI works with the EU Commission and other member states in implementing sanctions and developing EU guidance in this area.
The guide is in two parts:
- Part A provides a general overview of the financial sanctions framework which applies in the UK.
- Part B provides practical examples of how OFSI will approach licensing and compliance questions.
OFSI maintains two lists of financial sanctions targets,
- one which is a consolidated list of all designated persons (known as the consolidated list) and
- another list of individuals and entities subject to specific capital market restrictions.
As well as providing practical examples for designated individuals and companies in Part B, the guide includes specific examples on compliance for family, friends and members of the public and compliance for businesses.
The guide also details where to send challenges to designations.
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