OFSI announces amendments to sanctions legislation

These changes, aimed at improving compliance and enforcement, will impact a wide range of sectors and strengthen the UK’s financial sanctions regime.

On the 5th December, the following requirements will enter into force:

• All UK persons holding assets of designated persons (DPs) must provide annual reports to OFSI detailing these assets, enhancing transparency and oversight;
• New civil monetary penalty powers afforded to OFSI for breaches of specific sanctions;
• Amendments to licensing and exceptions provisions including the introduction of a new insolvency licensing purpose and required payments exception; and
• Changes to Russia regulations including the use of trusts, reporting requirements and new civil monetary penalty powers for specific breaches.

On 14th May 2025, the following will enter into force:

• Reporting obligations will extend to high-value dealers, art market participants, letting agencies, and insolvency practitioners.

✅ Firms should review and update their sanctions compliance frameworks to align with forthcoming requirements.