Watch: Director of OFSI Giles Thomson on expansion of UK sanctions with Michael O’Kane and Maya Lester KC
The webinar examined OFSI’s response to the expansion of UK sanctions since Russia’s invasion of Ukraine and its structural plans for the future including licensing, ownership and control, enforcement and strict liability, reporting obligations, forums in which to engage with OFSI and OFSI’s cooperation with its international partners.
Key points included:
• OFSI is aiming to more than double in size by the end of the financial year
• Licence applications based on humanitarian grounds or basic needs, or that otherwise relate to ‘sectoral impact’, are prioritised
• OFSI is considering ways to speed up the process of granting legal expenses licences, one possibility being a general licence
• It is for companies / reporting entities to take a view of whether they are dealing with a designated person / entity
• OFSI is looking to produce a framework to assist people / entities in determining ownership and control
• The Russia sanctions regime and those who wilfully breach sanctions are enforcement priorities.
Feedback from delegates was very positive and engagement was high: we received 55 questions from participants.
You can view a recording of the webinar here.