News

OFSI post Brexit guidance for UK sanctions regimes

31/01/2020

OFSI (the UK Office of Financial Sanctions Implementation) has issued updated guidance on financial sanctions post-Brexit. It says the UK can bring into force autonomous sanctions regimes during the transition period (set to last until 31 December 2020) under the Sanctions and Money-Laundering Act 2018, and that the guidance applies to financial sanctions regimes that do not come under the Sanctions Act.

This guidance DOES NOT APPLY to existing EU sanctions regimes, which will continue to operate in the UK until the end of the transition period.

The guidance outlines reporting obligations, licensing, enforcement, penalties, and how to challenge designations.

Source: https://www.europeansanctions.com/2020/01/ofsi-post-brexit-guidance-for-uk-sanctions-regimes/