UK expands sanctions enforcement powers with overhaul of financial sanctions guidance
The UK’s Office of Financial Sanctions Implementation (‘OFSI’) has updated guidance across multiple sanctions regimes to strengthen its enforcement capabilities and enhance compliance monitoring, according to a 5 December announcement.
The changes, made under the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024, are aimed at ‘improving OFSI’s ability to gather intelligence on industry’s compliance with financial sanctions, strengthen OFSI’s enforcement powers, enable OFSI to conduct its licensing responsibilities more efficiently, and clarify financial sanctions legislation where there is existing uncertainty,’ the Office stated.
The updated guidance covers multiple sanctions programmes including Russia, Belarus, Iraq, Sudan, Libya, Syria, Nicaragua, Venezuela, Zimbabwe, Guinea, Haiti, Somalia, Lebanon, Myanmar, Central African Republic, cyber sanctions, counter-terrorism, global human rights, global corruption, unauthorized drilling activities, Iran nuclear sanctions and more.
