The notice highlights annual frozen asset reporting requirements and ongoing compliance expectations for organisations holding assets subject to sanctions.
Key requirements include:
- All UK persons and entities must continue to freeze any funds or economic resources owned or controlled by designated individuals and entities;
- The annual reporting deadline for frozen assets is 11 November 2024, covering assets as of 30 September 2024; and
- Cryptoassets, like other financial assets, fall under financial sanctions restrictions and must be reported accordingly.
✅ Organisations should designate a responsible individual to compile and submit the frozen assets report, ensuring comprehensive and compliant submissions.
💡 Plenitude can support your firm navigate compliance with the evolving UK financial sanctions landscape. Get in touch for more information: enquiries@plenitudeconsulting.com
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