UK Updates Licensing Time Frame Guidance for Financial Sanctions
The U.K.'s Office of Financial Sanctions Implementation updated its general financial sanctions guidance, laying out new guidelines on licensing time frames. OFSI said it no longer seeks to engage with license applications within four weeks, aiming to review all new…
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applications "as soon as practicable." The agency said it prioritizes cases at times of high demand and those involving issues of "personal basic needs and/or wider humanitarian issues at stake which are of material impact or urgency, or which are deemed to be of particular strategic, economic or administrative importance." OFSI said parties will get a case reference number and an acknowledgment if their case has been selected for review but won't provide regular updates during the review given the high volume of applications.