This alert discusses two recent significant developments at either end of the UK sanctions spectrum, covering off designation (a recent Supreme Court decision providing important guidance as to the assessment of...more
8/11/2025
/ Appeals ,
Constitutional Challenges ,
Economic Sanctions ,
Enforcement Actions ,
Human Rights ,
Judicial Review ,
Office of Financial Sanctions Implementation (OFSI) ,
Proportionality ,
Russia ,
Sanctions ,
UK ,
UK Supreme Court
On 21 July 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) published a sector-specific Cryptoassets Threat Assessment (“the Report”), shedding light on the evolving risks and vulnerabilities in the crypto...more
8/6/2025
/ Anti-Money Laundering ,
Compliance Monitoring ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Economic Sanctions ,
Financial Conduct Authority (FCA) ,
FinTech ,
Office of Financial Sanctions Implementation (OFSI) ,
Risk Assessment ,
Risk Mitigation ,
UK
On 15 May 2025, the UK Government published the conclusions of its cross-government review of UK sanctions implementation and enforcement (the Review)....more
6/19/2025
/ Customs ,
Economic Sanctions ,
Enforcement ,
Enforcement Authority ,
Financial Institutions ,
FinCEN ,
HMRC ,
Information Reports ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Prudential Regulation Authority (PRA) ,
Reporting Requirements ,
UK ,
Whistleblowers
The UK Office of Financial Sanctions Implementation (OFSI) has imposed a penalty of £465,000 on the Moscow subsidiary of Herbert Smith Freehills (HSF) for breaches of UK financial sanctions imposed on Russia following the...more