The Office for Financial Sanctions Implementation has published its 2018/2019 Annual Review.
16/10/2019
The Office foThe Office for Financial Sanctions Implementation has published its 2018/2019 Annual Review.r Financial Sanctions Implementation has published its 2018/2019 Annual Review.
Main points include:
- 162 individuals/entities were added to sanctions lists over this period, and 3 regimes were introduced (Burma, Maldives and chemical weapons);
- The value of self-reported suspected sanctions breaches decreased from £1.35bn in 2017/2018 to £262m in 2018/2019, and the total number of self-reports has decreased from 122 to 99;
- Increases in the number of North Korea, Iran and Libya self-reported sanctions breaches and in the value of breaches of Russia sanctions, but number of breaches has decreased;
- A number of monetary penalty cases are currently under consideration;
- OFSI issued 58 new licences, half of which were for legal fees;
- The number of licences for Libya doubled from 15 to 30 in the period because of an increase in applications for LEGAL FEES, REVIEW / REPLACEMENT OF EXISTING LICENCES, etc.
The government stated in its response to the Foreign Affairs Committee Report “Fragmented and incoherent: the UK’s sanctions policy” that it has decided not to review OFSI’s work at this time
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.