OFSI Annual Review 2023-24

The UK Office of Financial Sanctions Implementation, OFSI has published its 2023-24 Annual Review that focuses on ‘Engage, Enhance, Enforce.’

It conducted 105 outreach engagements and joined 20 conferences during the reporting period to help businesses comply with financial sanctions.

OFSI strengthened implementation by adding 564 designated persons, totalling 4,331 across 35 regimes.

The UK’s response to Russia’s invasion deprived Putin’s war effort of over $400 billion.

Enforcement efforts also intensified, with 396 cases recorded and 242 closed -over three times the previous year’s closures.