Emma RadmoreOFSI has published its annual review for 2022-23. The review looks at how OFSI has expanded to meet its increased workload and how it has transformed its practices to deliver more effective implementation and enforcement.
The review notes the new regimes implemented in the course of the year, the new powers the ECCTA will provide and the numbers of designated persons. Over £21,000,000,000 in frozen funds were reported in the last cycle of reports.
OFSI took over 500 licensing decisions, up from 170 in the previous period, of which the majority have been approved.
The report highlights OFSI’s enforcement actions during the year, but notes that OFSI is currently undertaking a large number of complex investigations into Russia-related breaches which are likely to result in enforcement action.