FCDO and OFSI update sanctions statutory guidance notes to reflect OFSI enforcement powers changes

Article summary

The Foreign, Commonwealth and Development Office (FCDO) and the Office of Financial Sanctions Implementation (OFSI) have updated the statutory guidance on UK sanctions regimes under the Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018) to reflect the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024, SI 2024/1157 which increase OFSI’s ability to gather intelligence on industry’s compliance with financial sanctions and strengthens OFSI’s enforcement powers.