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.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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