The imposing of sanctions is of the utmost importance at a national government policy level. It is crucial that Scottish solicitors understand their responsibilities and the legal implications of dealing with sanctioned persons and assets.

The Office of Financial Sanctions Implementation (OFSI) is conducting its annual frozen assets review. If you hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person you are required to submit a report to the Treasury’s OFSI  by Friday 11 October 2019.

Your report should include details of all funds or economic resources frozen in the UK as well as those overseas where these funds or economic resources are subject to UK financial sanctions legislation. Your report to OFSI should include the value of all such assets as of close of business on Monday 30 September 2019.

All completed reports should be emailed to ofsi@hmtreasury.gov.uk using the template on the GOV.UK website.

Please ensure that any changes to previous frozen asset reporting submissions are clearly identified and explained.

Further details including the full notice and reporting template are available on the GOV.UK website

Financial compliance

We monitor compliance with the accounts rules, including the money laundering regulations.