OFSI Annual Review for 2022-23

• OFSI implemented sanctions across 35 regimes and 3883 designations during the 2022-23 financial year;
• 473 suspected breaches of financial sanctions (excluding oil price cap and counter-terrorism breaches) were recorded, an increase from 147 recorded in 2021-22;
• £21.6 billion of funds were reported to OFSI as frozen as of 30 September 2022;
• £22.7 billion worth of assets frozen in relation to the Russia sanctions regime have been reported to OFSI since February 2022;
• OFSI is cracking down on increased third-country facilitation of sanctions circumvention by sharing information and intelligence, including through the new Enforcement Coordination Mechanism (ECM);
• 503 licensing decisions were taken across 2022-23; and
• Over 50 firms and businesses joined the new OFSI Legal Sector Engagement Forum (LSEF) designed to facilitate direct government-industry-regulator engagement.

Firms should view the end of financial year report to gain further insights into the work of OFSI and its approach to sanctions implementation and compliance enforcement.