UK sanction enforcement: do you know your OTSIs from your OFSIs?
24/11/2024
The Office of Trade Sanctions Implementation (OTSI) and the Office of Financial Sanctions Implementation (OFSI) are two distinct entities within the UK’s sanctions enforcement framework, each with specific roles:
- Office of Trade Sanctions Implementation (OTSI):
- Department: Part of the Department for Business and Trade.
- Focus: Responsible for the civil enforcement of trade sanctions. This includes sanctions related to goods, services, and technology.
- Establishment: Launched in October 2024 to strengthen the enforcement of trade sanctions, particularly in response to Russian sanctions evasion.
- Office of Financial Sanctions Implementation (OFSI):
- Department: Part of HM Treasury.
- Focus: Manages and enforces financial sanctions. This includes asset freezes, restrictions on financial markets and services, and other financial measures.
- Role: Ensures compliance with financial sanctions and issues penalties for breaches
In summary, while OFSI deals with financial sanctions, OTSI focuses on trade sanctions. Both are crucial in ensuring the UK’s sanctions regime is effectively implemented and enforced.
Source:
(1) Office of Trade Sanctions Implementation - GOV.UK. https://www.gov.uk/government/organisations/office-of-trade-sanctions-implementation.
(2) New UK Unit for Trade Sanctions Enforcement Launches in 2024. https://www.sanctions.io/blog/what-is-otsi-uk-unit-for-trade-sanctions-enforcement.
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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.