Q&As

What is the legal basis for HM Treasury Office of Financial Sanctions Implementation (OFSI) annual frozen assets review, and are OFSI requests for information mandatory or voluntary?

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Published by a ÀÏ˾»úÎçÒ¹¸£Àû Risk & Compliance expert
Published on: 02 August 2022
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HM Treasury, through the Office of Financial sanctions Implementation (OFSI) has broad powers to request such information as it may reasonably require and that you may possess.

OFSI’s powers to request information are contained in the legislation underpinning each particular financial sanctions regime—see Practice Note: UK sanctions regimes currently in force.

Every year OFSI carries out a frozen assets reporting exercise that requires everyone who holds or controls funds or economic resources belonging to, owned, held or controlled by a designated person, to provide a report with the details of these assets. This exercise covers assets subject to freezing under UK financial sanctions, including funds frozen in the UK and

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Jurisdiction(s):
United Kingdom
Key definition:
Sanctions definition
What does Sanctions mean?

The court can impose sanctions on parties to civil litigation who fail to comply with relevant rules, practice directions and court orders. These sanctions include striking out a party's claim or defence. A party can apply for relief from sanctions under Rule 3.9 of the CPR.

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