OFSI deadline for reporting frozen assets draws closer
The UK Office of Financial Sanctions Implementation (‘OFSI’) has reminded constituents that they must report any frozen assets by 15 October.
OFSI notes:
‘Financial sanctions legislation applicable in the UK requires that all funds or economic resources belonging to, owned, held or controlled by a designated person must be frozen. Since the 31 December 2020, all sanctions regimes have been implemented through UK regulations, with the majority of UK financial sanctions regimes implemented through the Sanctions and Anti Money Laundering Act 2018 (the Sanctions Act). Under this legislation HM Treasury, through its Office of Financial Sanctions Implementation (OFSI), can request information you may possess for the purpose of, among other things, monitoring compliance with the legislation.
‘Every year HM Treasury carries out a review to update our records to reflect any changes to these assets during the reporting period. As part of this review, HM Treasury request all persons that hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, to provide a report to us with the details of these assets. If you possess this information you are requested to complete such a report and submit it to OFSI by Friday 15 October 2021.’
It says that the report ‘must include 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,’ but that ‘accounts blocked solely by other national authorities (e.g. OFAC) do not need to be reported to us.’
