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OFSI updates UK financial sanctions FAQ guidance

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Published on: 13 March 2025

Published by LNB News

LNB News 13/03/2025

Document Information

Issue Date: 13 March 2025

Published Date: 13 March 2025

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Office of Financial Sanctions Implementation (OFSI) has published 13 new FAQs clarifying reporting obligations for relevant firms under UK financial sanctions. The guidance details requirements for art market participants, high-value dealers, insolvency practitioners and letting agents which take effect from 14 May 2025. Clarification is provided on the €10,000 transaction thresholds, the territorial scope for UK persons operating internationally, and the difference between the reporting requirements on relevant firms and annual reporting obligations to OFSI.

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