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 on LexisPSL on 01/09/2020

The following Risk & Compliance Q&A provides comprehensive and up to date legal information covering:

  • 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?

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?

Section 20 of the Terrorist Asset-Freezing etc Act 2010 (TAFA 2010) contains HM Treasury’s powers to request information. TAFA 2010, s 20(5) provides:

‘The Treasury may request any person in or resident in the United Kingdom to provide such information as the Treasury may reasonably require for the purpose of—

(a) establishing for the purposes of this Part—

(i) the nature and amount or quantity of any funds or economic resources owned, held or controlled by or on behalf of a designated person,

(ii) the nature and amount or quantity of any funds, economic resources or financial services made available directly or indirectly to, or for the benefit of, a designated person, or

(iii) the nature of any financial transactions entered into by a designated person,

(b) monitoring

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