As active watchers of UK sanctions will be aware, the UK’s Office of Financial Sanctions Implementation (OFSI), published its annual report for 1 Apr 2022 – 31 Mar 2023 just before Christmas. You can read the full report here.
I’m a numbers guy at heart and here are the key areas that tell the story of OFSI’s year:
- 172 live investigations are ongoing, including an unspecified number of referrals to regulatory and law enforcement bodies
- Assets frozen under the UK’s Russian regime alone amounted to £22.7bn by October 2023 – more than all assets frozen under all UK sanctions regimes as at September 2022
- OFSI more than tripled the number of licensing decisions made during the year
- Only 9 licence applications were refused. OFSI grants 31 specific licences for each one it refuses
Overall my impression is of a department that has grown rapidly and worked hard to grapple with the problems caused by Russia’s full-scale invasion of Ukraine. Those making non-urgent licence applications or reporting suspected breaches will need to be patient as licensing and enforcement activity have both grown faster than the teams’ respective staffing levels.
Fairgreen Consulting Limited 