What is OFSI?

The Office of Financial Sanctions Implementation (OFSI) is the UK body responsible for implementing and enforcing financial sanctions on behalf of HM Treasury. Since Brexit, OFSI maintains the UK's independent consolidated list of financial sanctions targets, which has increasingly diverged from the EU Consolidated List.

OFSI's enforcement powers

OFSI can impose monetary penalties for sanctions breaches on a strict liability basis - meaning intent or knowledge is not required. Penalties can reach up to £1 million or 50% of the estimated value of the breach, whichever is greater. Serious breaches may be referred for criminal prosecution.

Implications for non-financial institutions

UK-based non-financial businesses must screen against the UK Sanctions List. When dealing with EU-connected parties, screening against both UK and EU lists is necessary. FirmScreen covers both in a single screening operation. For cross-jurisdictional considerations, see our article on the global sanctions landscape.

Related terms