Eversheds Sutherland on 10th October produced a report which provides a snapshot of the work of the Office of Financial Sanctions Implementation in raising awareness of financial sanctions and addressing suspected breaches. The statistics include –
- UK implemented 29 financial sanctions regimes;
- 122 new targets were added to the UK’s sanctions list, the Consolidated List;
- OFSI received 122 reports of suspected breaches of financial sanctions;
- as of September 2017, £12.8 billion of frozen funds were held by UK businesses; the majority of these relating to the Libyan regime;
- over 50 new licences were issued in 2017 – 2018; over half of which were for payment of legal fees; and
- 60+ speaking engagements were undertaken by OFSI to raise awareness of its work.