OFSI publishes Annual Review: 2020 to 2021
Every year OFSI publishes its annual review which gives an overview of OFSI’s operational work in the financial year, providing key statistics from the different areas of financial sanctions.
This review includes sections on:
- UK and EU financial sanctions regimes
- frozen assets review
- compliance and enforcement
- guidance and engagement
Some of the interesting nuggets in the 11-page report:
- There were 1950 non-Brexit changes to the Consolidated List, including 278 additions, 1624 amendments and 48 removals. The Consolidated List, which clocks in at a total of 2213 parties in 33 different programs, includes 950 parties (697 persons, 293 entities) designated under United Nations sanctions. The 278 additions include 55 new UK sanctions designations, but do not include the 74 initial Global Human Rights sanctions designations made before the end of the Transition Period.
- A September 2020 Frozen Asset Review found that over 11.5 billion GBP was frozen under the Libyan program, 460 million under the Iran non-proliferation regime, 158 million under the Syria sanctions, and 44.5 million under the Ukraine sovereignty sanctions program, out of a grand total of over 12.2 billion pounds.
- OFSI issued 43 new specific licenses and 2 general licenses in the period.
- OFSI reviewed 132 reports of potential sanctions breaches, a small decrease from the previous period