Frozen assets must be reported
HM Treasury will launch its annual Frozen Assets Review today. The review will help ensure financial sanctions remain an effective foreign policy and national security tool.
All individuals, organisations and businesses holding frozen assets belonging to a designated person will have until Friday 13 October to report them to the Treasury’s Office of Financial Sanctions Implementation (OFSI).
To see what the annual review involves, please see the 2016 exercise on GOV.UK.
The annual review follows the introduction of the European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017, which came into effect on 8 August. Solicitors now have an obligation to report sanctions-related information to OFSI. Not doing so is a criminal offence, which may result in a criminal prosecution or a monetary penalty.
See more information on the regulations.
Sese OFSI’s notification of this change.
More information on reporting obligations can be found in Chapter 5 of OFSI’s guide to financial sanctions.