On 13 January 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the UK’s Office of Financial Sanctions Implementation (OFSI)
Continue Reading US and UK Memorialize Cooperation on Economic Sanctions Enforcement
Legal Advisers for a Changing World
On 13 January 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the UK’s Office of Financial Sanctions Implementation (OFSI)…
Continue Reading US and UK Memorialize Cooperation on Economic Sanctions EnforcementOn 2 October 2024, the FCA issued a final notice announcing it had fined digital challenger bank Starling Bank Limited £28,959,426 for financial crime and…
Continue Reading UK Enforcement Agencies Crack Down on Financial Crime Control Failures, Sanctions ViolationsThe UK’s Office of Financial Sanctions Implementation (OFSI) has issued guidance on when payments can be made to personal staff of designated persons (DPs).[1]…
Continue Reading OFSI Issues Licensing Guidance for Payments to Personal Staff of Designated PersonsOn 31 August 2023 the UK’s Office of Financial Sanctions Implementation (OFSI) issued a “Disclosure” against Wise Payments Limited, a UK-registered company, regulated by the…
Continue Reading No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions RegulationsHM Treasury announced 26 July that the UK’s Office of Financial Sanctions Implementation (OFSI) has amended Section 6.12, Refusal of a licence, of its UK…
Continue Reading OFSI Updates Guidance on Refusing LicencesOn 10 November, the UK’s Office of Financial Sanctions Implementation (OFSI) published its annual review for the period April 2021 to August 2022, with a…
Continue Reading OFSI’s Annual Review Highlights Effect of Sanctions on RussiaThe United Kingdom and United States announced in a joint statement on 17 October a new strategy to cooperate and collaborate further on economic sanctions…
Continue Reading UK and U.S. Announce ‘Enhanced Partnership’ on Economic Sanctions Implementation, EnforcementCo-authored by London Associate Tina Kang.
The UK Office of Financial Sanctions Implementation (OFSI) announced on 27 September that it imposed a £30,000 penalty on…
Continue Reading Wined and Fined: OFSI Imposes Financial Penalty on UK Company for Publicising Sanctioned Crimean WineryOn 12 July 2022, the UK’s Office of Financial Sanctions Implementation (OFSI) and various other UK government agencies issued a red alert, in conjunction…
Continue Reading UK Law Enforcement Identify Common Sanctions Evasion Tactics and Use of UK-Based ‘Enablers’
The UK Office of Financial Sanctions Implementation (OFSI) announced on 28 June that it imposed a £15,000 penalty on UK company Tracerco Limited for breaching…
Continue Reading OFSI Fines UK Company for Financial Sanctions Breach