OFSI has published its Annual Review for 2022-23, with a focus on its strengthened sanctions implementation and enforcement.

The review highlights that:

  • 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.

https://assets.publishing.service.gov.uk/media/657acdef095987001295e088/OFSI_Annual_Review_2022_to_2023_Strengthening_our_Sanctions.pdf

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