OFSI issues reminder to report frozen assets

The UK HM Treasury’s Office of Financial Sanctions Implementation (‘OFSI’) has issued a Financial Sanctions Notice requiring the submission of yearly reports on frozen assets (3 September).

Reports should be completed by all ‘persons that hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person’ and should be submitted by Friday 12 October. Reports should contain ‘details of all funds or economic resources frozen in the UK as well as those overseas where these funds or economic resources are subject to UK financial sanctions legislation.’

Accounts blocked by the authorities of other states, such as OFAC, do not need to be reported to OFSI. The report should include the value of assets as at close of business on Friday 28 September.

For OFSI’s Financial Sanctions Notice, see here:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/737604/Frozen_Assets_Reporting_Notice_2018.pdf