The Office of Financial Sanctions Implementation (OFSI) is the authority for the implementation of financial sanctions in the UK. As a part of HM Treasury, OFSI works on enabling ‘financial sanctions to make the fullest possible contribution to the UK’s foreign policy and national security goals’.
What is the UK Sanctions List?
The UK government publishes the UK Sanctions List which lists those individuals and entities subject to UK sanctions. All individuals and financial institutions within the UK are expected to comply and act in accordance with the UK Sanctions List. As a member of the United Nations, the UK is also obligated to implement sanctions imposed by the UN Security Council.
Performing due diligence and screening individuals and companies against sanctions lists is critical because a sanctions breach can result in a large fine and criminal prosecution
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