What is HM Treasury sanctions list?
HMT sanctions list is a list of entities and individuals subjected to certain financial restrictions as part of the United Kingdom’s government’s domestic counter-terrorism regime policy. Also, it includes individuals prohibited by the European Union and/or the United Nations.
Who is responsible for issuing sanctions list in the UK?
The Office of Financial Sanctions Implementation (OFSI) issues a consolidated list of all persons and entities that are subject to sanctions which are effective in the UK. You may find that the name of an individual or entity you’re dealing with matches one or more entries on the consolidated list.
How long are records for financial sanctions kept?
Limited company records must be kept for a minimum of six years. Some documentation, however, will need to be retained for 10 years – this includes VAT MOSS records, minutes of meetings (detailing any resolutions), and the companies’ statutory books.
When you have a hit against the SDN list?
If it’s hitting against OFAC’s SDN list or targeted countries, continue FORWARD. If it’s hitting for some other reason, you should contact the “keeper” of whichever other list the match is hitting against.
Can individuals have sanctions imposed on them?
Under the Autonomous Sanctions Act 2010, the Minister for Foreign Affairs has the power to enact regulations that contain specific sanction measures in relation to a given individual, body corporate or entity.
Which Organisations publish sanctions lists?
The UK government publishes the UK sanctions list, which provides details of those designated under regulations made under the Sanctions Act.
Who has to comply with UK sanctions?
All individuals and legal entities who are within or undertake activities within the UK’s territory must comply with UK financial sanctions that are in force.
What happens to funds blocked by OFAC?
Once it has been determined that funds need to be blocked, they must be placed into an interest-bearing account on your books from which only OFAC-authorized debits may be made. The blocking also must be reported to OFAC Compliance within 10 business days.
What is SDN in sanctions?
U.S. Department of the Treasury Collectively, such individuals and companies are called “Specially Designated Nationals” or “SDNs.” Their assets are blocked and U.S. persons are generally prohibited from dealing with them. View more information on Treasury’s Sanctions Programs.
Is office of financial sanctions implementation part of HM Treasury?
OFSI is part of HM Treasury. Who is subject to financial sanctions in the UK? Enquiries relating to asset freezing or other financial sanctions should be submitted to the Office of Financial Sanctions Implementation.
Where can I find further information on financial sanctions?
For further information on financial sanctions: contact the Office of Financial Sanctions Implementation [email protected] or subscribe to OFSI’s e-alerts For all UK financial sanctions listings, visit OFSI’s consolidated list
What is the Office of Financial Sanctions Implementation (OFSI)?
The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented and enforced in the United Kingdom. OFSI is part of HM Treasury.
How many countries are on the HMT sanctions list?
Groups and People on the HMT Sanctions List There is a total of 26 HMT Financial Sanctions List regimes, including ISIL and Al-Qaida (with the largest number of individuals targeted), Taliban, Myanmar/Burma, Iran, Belarus, Democratic Republic of Congo, North Korea, Zimbabwe, etc.