The Office of Financial Sanctions Implementation (OFSI) and HM Treasury have updated the expiry date of the General Licence on Oil Price Cap INT/2022/2469656, to expire on 18 February 2024.

The Office of Financial Sanctions Implementation (OFSI) has updated its financial sanctions enforcement and monetary penalties guidance, reflecting outcomes from the government's 2025 consultation on improving civil enforcement processes. The updated guidance introduces an Early Account Scheme enabling subjects to receive up to 20% monetary penalty reductions for providing comprehensive factual accounts, a Settlement Scheme offering 20% discounts for early case resolution, and fixed monetary penalties of £5,000 and £10,000 for information, reporting and licensing offences. OFSI has also enhanced voluntary disclosure and cooperation discounts to up to 30%, implemented a four-level case seriousness classification system, and introduced financial hardship considerations for penalty reductions in exceptional circumstances.

The Office of Financial Sanctions Implementation (OFSI) has updated the format guidance for using the Consolidated List and the list of persons named in relation to financial and investment restrictions. The search function enables users to obtain information on asset freeze and investment ban targets across all financial sanctions regimes that are implemented in the UK. OFSI notes that it is also necessary to undertake appropriate due diligence in respect of financial sanctions targets and using the list does not remove this due diligence obligation.

The Office of Financial Sanctions Implementation (OFSI) has updated its general guidance on UK financial sanctions to include Designated Money Service Businesses as a licensing ground under section 6.6. This licensing ground permits OFSI to issue licences that allow funds to be returned to non-designated persons from designated Money Service Businesses, provided specific conditions are met.

The Office of Financial Sanctions Implementation (OFSI) has updated its Financial sanctions general guidance to reflect the introduction of the HM Treasury debt exception under the Sanctions (EU Exit) (Treasury Debt) Regulations 2025, SI 2025/712. The exception, set out in Section 6.21 of the guidance, permits certain payments involving designated persons under specific UN sanctions regimes, provided the obligation arose prior to the designation and the funds are credited to specified account types. OFSI has also updated the relevant country-specific guidance for Libya, the Central African Republic, South Sudan, Yemen and Haiti to reflect the application of this exception and the associated compliance requirements.

The Office of Financial Sanctions Implementation (OFSI) has updated the General, Russia, Counter-Terrorism and Enforcement and Monetary Penalties guidance documents. These updates reflect changes to sanctions legislation, as a result of the Sanctions (EU Exit) (Miscellaneous Amendments and Revocations) Regulations 2024, SI 2024/643 and the Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2024, SI 2024, SI 2024/644. The guidance has been updated to reflect new reporting requirements on designated persons under the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019, SI 2019/600 and come into force on 16 May 2024. It has also been updated to reflect new immigration measures under the Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019, SI 2019/577 and come into force on 5 June 2024. The reporting forms for the designated person asset reporting requirements have also been updated.

The Office of Financial Sanctions Implementation (OFSI) has updated the guidance pages on financial sanctions for Russia, specifically in relation to guidance on Trust services.

The Office of Financial Sanctions Implementation (OFSI) has updated its guidance on travel and associated expenses requiring a financial sanctions licence. The guidance now confirms that its scope is not limited to travel by designated persons or their dependants and may also cover travel by legal or other representatives. OFSI has clarified that applications must be sufficiently evidenced and that proposed expenditure must be justified in each application. A previous licence does not mean the same payment will be licensed again. The guidance also confirms that, where higher-class flights or four-star-or-higher hotels are booked without exceptional circumstances, OFSI may licence only the permitted equivalent cost. Applicants must provide evidence of that cost. If they do not, OFSI may refuse the amount or cap it by reference to HM Revenue and Customs (HMRC) rates. The fixed mileage table has also been replaced with references to HMRC’s current rates, and the guidance now links to OFSI’s March 2026 reasonableness blog.

On 5 November 2024, the Office of Financial Sanctions Implementation (OFSI) updated 14 Frequently Asked Questions (FAQs) on its FAQs page. FAQs 49-51, 55, 61-66, 72-73, 76 and 84 can be found under the General Licence section relating to the new Legal Services General Licence (INT/2024/5334756). The FAQs have been updated to reflect the changes arising from the new Legal Services General Licence.

The Office of Financial Sanctions Implementation (OFSI) has updated its financial sanctions guidance for Russia to include FAQ 56 ‘When are persons required to report to OFSI under regulation 70A (5)?’. The Russia (Sanctions) (EU Exit) Regulations 2019, regulation 70A (5) requires you to report changes in your financial circumstances to OFSI as soon as practicable.

The Office of Financial Sanctions Implementation (OFSI) has updated its list of expired General Licences. The most recent addition is General Licence INT/2023/2711256 relating to Syria humanitarian efforts. This licence has now expired after a two-year duration.

The Office of Financial Sanctions Implementation (OFSI) has updated its financial sanctions guidance for the maritime sector. The updated guidance covers new tactics used by individuals and organisation to evade UK financial sanctions and gives recommendations for due diligence processes to minimise risk.