OFSI updates guidance

2024 will see OFSI move to digital guidance which it says will enhance accessibility and user experience. It will not be making fundamental content changes as it starts to make the changes. As a start, it has updated both its general financial sanctions guidance and its guidance on financial sanctions enforcement and monetary penalties.

OFSI has also published a blog on the new reporting measures for individuals designated in relation to Russia which requires all relevant individuals proactively to provide details of their assets to OFSI – and notes the government intends to extend the measure to the Belarus regime soon.

Emma Radmore