United Kingdom

The Office of Financial Sanctions Implementation (OFSI) was established in March 2016 and is part of HM Treasury. OFSI was established administratively as part of HM Treasury, and its statutory authority, enforcement powers, and legal frameworks are derived from three primary pieces of UK legislation.

1. The Policing and Crime Act 2017 (Section 146)
2. The Sanctions and Anti-Money Laundering Act 2018 (SAMLA)
3. The Economic Crime (Transparency and Enforcement) Act 2022

OFSI works to improve understanding, implementation and enforcement of financial sanctions in the United Kingdom. OFSI aims to:

1. raise awareness of and compliance with financial sanctions
2. rapidly detect, respond to and address financial sanctions breaches
3. provide a professional service to businesses and others affected by financial sanctions

In doing so, it helps to:

1. ensure that financial sanctions make the fullest possible contribution to the UK’s foreign policy and national security goals
2. maintain the integrity of, and confidence in, the UK financial services sector