The Office for Financial Sanctions Implementation has published its 2018/2019 Annual Review.
The Office foThe Office for Financial Sanctions Implementation has published its 2018/2019 Annual Review.r Financial Sanctions Implementation has published its 2018/2019 Annual Review.
Main points include:
- 162 individuals/entities were added to sanctions lists over this period, and 3 regimes were introduced (Burma, Maldives and chemical weapons);
- The value of self-reported suspected sanctions breaches decreased from £1.35bn in 2017/2018 to £262m in 2018/2019, and the total number of self-reports has decreased from 122 to 99;
- Increases in the number of North Korea, Iran and Libya self-reported sanctions breaches and in the value of breaches of Russia sanctions, but number of breaches has decreased;
- A number of monetary penalty cases are currently under consideration;
- OFSI issued 58 new licences, half of which were for legal fees;
- The number of licences for Libya doubled from 15 to 30 in the period because of an increase in applications for LEGAL FEES, REVIEW / REPLACEMENT OF EXISTING LICENCES, etc.
The government stated in its response to the Foreign Affairs Committee Report “Fragmented and incoherent: the UK’s sanctions policy” that it has decided not to review OFSI’s work at this time