At the summer Budget the Chancellor announced that HM Treasury will establish the Office of Financial Sanctions Implementation (OFSI) before the end of the financial year to support the UK’s foreign policy and national security goals and help maintain the integrity of and confidence in the UK financial services sector. The OFSI was established on 31 March 2016 within HM Treasury. Its principle aims are to:
increase awareness of and compliance with financial sanctions;
ensure that sanctions breaches are rapidly detected and effectively addressed; and
provide a professional service to the public and industry on financial sanctions issues.
The Treasury, through OFSI, will continue to be the UK’s competent authority for the implementation of financial sanctions, and Treasury ministers will continue to be responsible for licencing decisions and designations under UK sanctions legislation.