HM Treasury has today established the Office of Financial Sanctions Implementation (OFSI), which was first announced in the Summer Budget 2015. OFSI is tasked with supporting the UK’s foreign policy and maintaining the integrity of and confidence in the UK financial services sector. The Treasury has said that OFSI will continue and build on the work of its Financial Sanctions team, and its stated 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.
In conjunction with the launch of OFSI, the Treasury has changed its email address for correspondence relating to financial sanctions to email@example.com, and its address for sending out notifications to firstname.lastname@example.org (see previous blog).