UK's OFSI Releases Annual Review of Sanctions Regimes
The U.K.'s Office of Financial Sanctions Implementation on Nov. 10 released its annual review for 2021-2022. OFSI said in the review that from Feb. 22 to Oct. 22 this year, more than $21.4 billion in frozen funds were reported to…
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OFSI as being held on behalf of sanctioned parties under the Russia sanctions regime. That's up from nearly $52 million in September 2021. OFSI received 236 reports of sanctions breaches, issued two monetary penalties and issued warning letters and "other enforcement action where appropriate." The report said OFSI had issued 33 general licenses related to its Russia sanctions regime by Aug. 24 and issued 42 new and 107 amended specific licenses across its nine sanctions regimes, with most relating to Libya sanctions. OFSI, with 45 staff at the beginning of the year, will reach 100 employees by year's end, the review said.