Financial Services: Sanctions
The question
To ask the Chancellor of the Exchequer, what recent steps she has taken to help tackle illicit financial activities committed by sanctioned individuals.
Answered by Lucy Rigby
The UK’s financial sanctions regime places stringent restrictions on the financial activities of individuals who have been designated under sanctions. The Office of Financial Sanctions Implementation (OFSI), alongside law enforcement partners, takes a proactive approach to investigating suspected breaches of these sanctions. Where there are indications of other forms of criminality, OFSI shares information with relevant authorities to enable further investigation and enforcement. OFSI regularly publishes details of all its activities in an Annual Review for each financial year, information for 24-25 will be available soon.
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