The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on 28 individuals and businesses involved in a Zimbabwe-based global gold smuggling and money laundering network. The action, taken on International Anti-Corruption Day, targets the network led by Kamlesh Pattni under Executive Order 13818. The sanctions, coordinated with the FBI and UK Government, are part of broader 2024 anti-corruption efforts, including over 100 designations and new AML/CFT rules. The measures require the blocking of all US-based property and interests of designated persons, prohibiting US persons from dealing with them.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has reported that it has issued new sanctions to designate members of the Russian elite and a Russian business, under Executive Order 14024. The new designations include Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan and Alexey Viktorovich Kuzmichev; who have all served on the supervisory board of the Alfa Group Consortium, a Russian financial and investment conglomerate. Also designated is the company Russian Association of Employers the Russian Union of Industrialists and Entrepreneurs (RSPP) which operates in the Russian technology sector.

Law360, Expert analysis: The recent Office of Foreign Assets Control (OFAC) settlement with JC Flowers & Co over sanctions arising from non-US currency services provided by its Romanian bank subsidiary extends OFAC’s reach outside the US financial system, and highlights the need to educate foreign affiliates about US sanctions compliance, say lawyers at Arnold & Porter.

The Financial Conduct Authority (FCA) has updated its webpage on the Overseas Funds Regime (OFR) with a how-to guide on OFR registration and enrolment, and an explanation of key terms used in its OFR publications.

The Office for Students (OFS) has released an independent review conducted by Price Waterhouse Coopers (PwC) of the Data Futures programme. The review identifies challenges encountered during the first year of student data collection in 2023. The review, overseen by a UK-wide steering group, provides recommendations for improving data collection across the higher education sector. Despite initial difficulties, UK funders and regulators have announced their intention to proceed with in-year student data collection, emphasising the importance of timely and accurate data for effective regulation and institutional operations. Jisc, now responsible for collecting student data and delivering the Data Futures programme, has committed to working with partners to implement improvements in higher education data collection processes.

HM Treasury and the Office of Financial Sanctions Implementation (OFSI) have updated General Licence INT/2022/2349952 to reflect amendments to Schedule 3E, Part 2A to the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855. The update expands the definition of ‘fertiliser’ to include products permitted under commodity code 2814 and its associated subheadings.

This Practice Note tracks General Licences issued by the Office of Financial Sanctions Implementation (OFSI) under the UK financial sanctions regime. It does not cover General Trade Licences issued by the Department for Business, Innovation, Science and Trade. Note: HM Treasury may vary, revoke or suspend General Licences at any time. Always refer to the specific licence before relying on it. See Practice Note: Sanctions—legal services general licences for a summary of General Licence INT/2026/9512597 regarding the provision of legal services. Further details of all General Licences issued by OFSI can be found here. For information on specific financial sanctions licences and exemptions, see Practice Note: Licences and exemptions in financial sanctions. For practical guidance on applying for a specific financial sanctions licence, see Practice Note: How to apply for an OFSI licence, and Applying for an OFSI licence—checklist. Current licences Licence number Summary Regime Source Effective date Expiry date INT/2026/10050568 Service Charge and Ground Rent Payments Multiple Publication notice 12 October 2026 11 October 2027 INT/2026/11080040 Zarubezhneft JSC Wind Down Russia Publication

Corporate Crime analysis: The Office of Financial Sanctions Implementation (OFSI) has published its strategy for 2026–2029, setting out the key policy objectives for the next three years. The strategy signals a clear intention to adopt an increasingly assertive approach to sanctions enforcement by moving towards an intelligence-led enforcement model, and collaboration with law enforcement partners, to combat emerging sanctions threats. John Binns and Alexander Gorst of BCL Solicitors set out the key takeaways from the strategy and how this might impact the sanctions enforcement landscape.

The Office of Financial Sanctions Implementation (OFSI) has added General Licence INT/2025/6275812 to its list of expired licences which had authorised the wind-down of positions involving St Petersburg Currency Exchange and Non-bank Credit Organisation Joint-Stock Company Petersburg Settlement Center under the Russian sanctions regime.

The Office of Financial Sanctions Implementation (OFSI) added one Frequently Asked Question (FAQ) to its UK Financial Sanctions FAQs page. FAQ 124 can be found under the general section and provides guidance on the transfer of assets from the Russian National Settlement Depository to local registrars, pursuant to the Russian Presidential Decree 860.

The Office of Financial Sanctions Implementation (OFSI) has published guidance stating that it will apply a presumption of denial, with immediate effect, to licence applications from five designated Iranian banks operating in the UK: Bank Sepah, Melli Bank plc, Bank Saderat, Persia International Bank and Bank Tejarat. Licences will be granted only where required by law or in exceptional and urgent circumstances, such as a risk to life, limb or environmental safety. OFSI will assess each application individually and require clear written evidence that the criteria are met. Any licence granted will cover only basic requirements and recordable, auditable transactions, which will generally be limited to the UK. Licences will not permit cash payments, transfers between designated banks or the remittance of funds held by UK entities to Iran. The existing general licence will expire on 22 October 2026 and will not be renewed.

OFSI General Licence INT/2022/1280976 regarding Regulatory Authorities – Prudential Supervision, Financial Stability, Protection of Consumers or Integrity of The UK Financial System has been amended so that it applies to all UK Autonomous Sanctions Regulations listed in Annex I of this licence. OFSI General Licence INT/2023/2883496 relating to Lithuanian Railways has been extended so that it now expires at 23:59 on 13 April 2027.