The Office of Financial Sanctions Implementation (OFSI) has published its response to the consultation on proposed reforms to its enforcement processes, confirming that all five proposals from the original consultation will proceed, subject to some refinements. The reforms include revised case assessment guidance, new discount arrangements, the introduction of a settlement scheme and an Early Account Scheme (EAS), fixed penalties for information, reporting and licensing offences, and increases to statutory penalty maximums.

The Office of Financial Sanctions Implementation (OFSI) has published a threat assessment examining sanctions compliance risks in the UK cryptoasset sector from January 2022 to May 2025. Key developments include the March 2025 disruption of designated Russian exchange Garantex, resulting in the seizure of US$26m in illicit assets, and the February 2025 North Korean cyber attack on Bybit exchange that resulted in the theft of US$1.5bn in cryptoassets. The assessment outlines compliance vulnerabilities and provides detailed guidance for UK cryptoasset firms on reporting obligations.

The Office of Financial Sanctions Implementation (OFSI) has published an update on how it makes licensing decisions. The update outlines the entire process from submitting an application to receiving a final licence, as well as providing an update regarding the new Designated Individuals Licensing Principles which OFSI will apply in its decision-making relating to designated individuals. The update also includes a number of policy principles which the OFSI will apply to licence applications.

The Office of Financial Sanctions Implementation (OFSI) has amended the New Financial Sanctions Notice to reflect the current date, accompanied by an updated Frozen Assets Reporting Template. These updates included: (i) all persons that hold or control funds or economic resources belonging to a designated person must provide a report to OFSI by 11 November 2024, detailing these assets and previously frozen assets, (ii) the report to OFSI must include the value of all such assets as at close of business on 30 September 2024.

OFSI has updated its Reporting information to OFSI- what to do guidance with new reporting forms and updated links which are set out in the guidance.

The Office of Financial Sanctions Implementation (OFSI) has updated its Financial Sanctions FAQs to address the mergers of designated Russian banks Rosebank PJSC with TBank and Bank Otkritje with BM-Bank, both effective from 1 January 2025. The update clarifies that entities holding OFSI licences referencing these merged banks must request amendments to continue using their licences. OFSI has proactively amended affected General Licences relating to the Rosebank PJSC merger, while confirming that BM-Bank remains designated due to its ownership by VTB Bank.

The Office of Financial Sanctions Implementation (OFSI) has reissued the General Licence INT/2024/4761108 under Regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019 on funds of non-designated third parties involving designated credit or financial institutions. The General Licence expires on 27 May 2026.

The Office of Financial Sanctions Implementation (OFSI) has published its Legal Services Threat Assessment Report, examining threats and vulnerabilities relating to UK financial sanctions in the legal sector. The 24-page report forms part of OFSI's commitment under Economic Crime Plan 2 to provide sector-specific guidance, aiming to support legal sector stakeholders in developing risk-based approaches to sanctions compliance.

The Office of Financial Sanctions Implementation (OFSI) has published its Property and Related Services Threat Assessment Report. The report forms part of OFSI's sector-specific assessment series examining threats and vulnerabilities in UK financial sanctions compliance, delivered as part of their commitment under Economic Crime Plan two. The report aims to help property sector stakeholders develop risk-based approaches to sanctions compliance.

The Office of Financial Sanctions Implementation (OFSI) has removed the licensing ground relating to providing services to individuals connected to Russia through a UK-based parent company or subsidiary of that parent company on its guidance to apply for a licence to provide sanctioned trade services.

The Office of Financial Sanctions Implementation (OFSI) has removed two expired general licences from its active list. The licences, INT/2025/7345264 and INT/2025/7345464, were previously issued under the Iran Nuclear sanctions regime and have now been moved to OFSI’s list of expired general licences.

HM Treasury and the Office of Financial Sanctions Implementation (OFSI) have announced the expiration of General Licence INT/2024/4919848 which permitted transactions with Russia's National Settlement Depository. General Licence INT/2024/4919848 has been added to the collection, 'Expired General Licences'.