The update outlined progress in strengthening UK financial sanctions enforcement and compliance.
Key updates include:
➡️ Asset Freezes: Reported frozen assets rose to £37bn, an increase from £24.4bn in the previous year;
➡️ Compliance & Guidance: OFSI issued 19 general licences, 904 specific decisions, and expanded outreach across high-risk sectors, including financial services and crypto;
➡️ Enforcement: 57 enforcement actions were taken, with 240 active cases, reflecting a more intelligence-led approach and focus on non-self-reported breaches;
➡️ Enhanced Compliance Support: OFSI prioritised clear guidance, and timely licensing to help firms meet sanctions obligations; and
➡️ International Coordination: A new Memorandum of Understanding (MoU) with the US Treasury enhances sanctions information sharing and joint enforcement efforts.
✅ Firms should assess their sanctions control frameworks, ensuring they are responsive to the latest guidance and resources provided by OFSI to prevent potential sanctions breaches.