UK and US deepen sanctions collaboration to address global threats

‘Sanctions continue to be a critical tool in tackling threats to the United States’ and United Kingdom’s national security,’ the UK’s Office of Financial Sanctions Implementation (‘OFSI’) and the US Office of Foreign Assets Control (‘OFAC’) said in a joint blog, reporting on their annual technical exchange in Washington, DC.

‘Financial sanctions work best when implemented multilaterally, and we remain committed to designing, communicating, and implementing new sanctions in close coordination with each other,’ the blog added, highlighting the importance of collaboration in addressing challenges such as Russia’s invasion of Ukraine and conflicts in the Middle East. The meeting, held in October, marked the second anniversary of the OFSI-OFAC Enhanced Partnership.

The exchange focused on enhancing enforcement through information-sharing and private sector engagement. A newly signed Memorandum of Understanding (‘MOU’) formalised efforts to share data and analysis, enabling coordinated responses to sanctions violations. Joint outreach with financial institutions, including the Bank Policy Institute, provided insights into compliance challenges and opportunities for greater alignment between UK and US regimes. Both agencies also emphasised modernization to improve sanctions implementation.

https://ofsi.blog.gov.uk/2024/11/19/strengthening-global-sanctions-two-years-of-enhanced-partnership