OFSI Financial Sanctions Notice – February 2024

On 23 & 27 February 2024, the Foreign, Commonwealth, and Development Office issued a revised version of the UK Sanctions List -with actions being taken under UK Regulations- to reflect designated person updates for the Central African Republic, Iran, and Yemen.

The UK Sanctions Act

The latest UK sanctions regimes were enforced wholly by the Sanctions and Anti-Money Laundering Act 2018 called the Sanctions Act on 31 December 2020. The legislative framework involved in establishing these regimes is legalized across the UK, including Northern Ireland.

Some of these regimes comprise sanctions actions for, asset freezing or banning of the travel of persons or ships who are designated or specified by the regime.

The UK Sanctions List

The UK authority, within the premise of the Sanctions Act, makes the UK Sanctions List public, indicating the particulars of those designated by the Regulations. The list provides on an individual and ship basis information on which sanctions measures apply to them, and in the case of UK embargoes, a statement of reasons for the designation.

HM Treasury’s Office of Financial Sanctions Implementation (OFSI) publishes a unified list, including persons and organizations in a financial sanctions regime, under the Sanctions Act and other UK legislation.

Financial Sanctions Notice For Central African Republic

The Central African Republic Sanctions Regulations 2020 were created under the Sanctions and Anti-Money Laundering Act 2018 (“the Sanctions Act”) which impose economic sanctions, particularly the freezing of funds and monetary resources of individuals involved in violation of international humanitarian regulation, created groups for an extreme human rights abuse or violation within the Central African Republic; an assault towards, or obstruction of diplomatic personnel operations, peace-guide missions and activities, international or regional surveillance, and individuals contributing to humanitarian help within the Central African Republic; obstruction of the transport or distribution of, or access to, humanitarian operations in the Central African Republic; the availability of assistance for armed agencies or illegal networks in the Central African Republic; or any other activity, coverage or operations which undermines or threatens the peace, balance, and safety of the Central African Republic.

Financial Sanctions Notice For Iran

The Iran Sanctions Regulations 2023 are made under the provisions of the Sanctions and Money Laundering Act 2018 and are subject to financial sanctions to be affected, these are restrictions on the detention of funds and economic resources of individuals or groups of individuals who were or are actively involved in the commission of a serious human rights violation or abuse; or threatening acts by the Iranian government or an armed group supported by the Government of Iran.

Financial Sanctions Notice For Yemen

The Yemen (Sanctions) Regulations 2020 were planned under the Sanctions and Anti-Money Laundering Act 2018, which stipulated the enforcement of economic sanctions, including the freezing of assets or economic resources of individuals involved in the serious human rights violation or abuse commission, or breach of international humanitarian regulation applied to the armed conflicts in Yemen; the obstruction of humanitarian assistance delivery or dispersion, or access to it; the impediment to or blockage of the successful conclusion of the political power change as specified in the Gulf Cooperation Council Initiative and Implementation Mechanism Agreement; the limitation of the final report of the comprehensive National Dialogue Conference; or any other actions that put Yemen’s stability, security, or peace at risk.

You can also read: Frankfurt Wins Out The Competition To Host New EU Anti-Money Laundering Agency

Regulatory Recommendation By OFSI

OFSI has shared some mandatory checks to follow to refrain from any noncompliance act.  Institutions must do;

• immediately contact authorities to check whether you have any account or any holdings of any funds or economic resources that are in the name of persons listed in the annex to this Notice.
• abstain from handling the money or assets or providing them to such individuals (directly or indirectly) unless authorized by the Minister for External Relations (MER).
• freeze the said accounts, and other funds or the economic resources without prior notification and immediate effect.
• communicate any results to MER, along with any other data that could help ensure SAFL compliance.
• give MER any information it may ask for regarding the frozen assets of the specified individuals. Reports submitted to MER may be shared with law enforcement or other regulatory bodies.

Closing Remarks

Where the related entity has already provided information concerning the bank accounts and other financial assets held frozen for the designated persons, then reporting these matters again is not necessary.