---
title: OFSI announces amendments to sanctions legislation
description: OFSI announced significant changes to sanctions legislation through the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024.
---

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# [OFSI announces amendments to sanctions legislation](https://www.plenitudeconsulting.com/news-insights/ofsi-announces-amendments-to-sanctions-legislation)

 Written by [Insight & Partnership Team](https://www.plenitudeconsulting.com/news-insights/author/insight-partnership-team) | Nov 22, 2024 1:43:10 PM

 

These changes, aimed at improving compliance and enforcement, will impact a wide range of sectors and strengthen the UK’s financial sanctions regime.

On the 5th December, the following requirements will enter into force:

- All UK persons holding assets of designated persons (DPs) must provide annual reports to OFSI detailing these assets, enhancing transparency and oversight;
- New civil monetary penalty powers afforded to OFSI for breaches of specific sanctions;
- Amendments to licensing and exceptions provisions including the introduction of a new insolvency licensing purpose and required payments exception; and
- Changes to Russia regulations including the use of trusts, reporting requirements and new civil monetary penalty powers for specific breaches.

On 14th May 2025, the following will enter into force:

- Reporting obligations will extend to high-value dealers, art market participants, letting agencies, and insolvency practitioners.

✅ Firms should review and update their sanctions compliance frameworks to align with forthcoming requirements.

[View full post](https://www.plenitudeconsulting.com/news-insights/ofsi-announces-amendments-to-sanctions-legislation)

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