The Office of Financial Sanctions Implementation (OFSI) has published its frozen assets reporting notice for 2021.
Financial sanctions legislation requires that all funds or economic resources belonging to or owned, held or controlled by a designated person must be frozen. Under the Sanctions and Anti-Money Laundering Act 2018, HM Treasury, through OFSI, can request information possessed for the purpose of monitoring compliance with the legislation.
To this end, the reporting notice requests that all persons that hold or control funds or economic resources belonging to or owned, held or controlled by a designated person to provide a report with the details of these assets. The report must include details of all funds or economic resources frozen in the UK as well as those overseas where these funds or economic resources are subject to UK financial sanctions legislation.
If an entity or individual possesses this information they are required to complete such a report and submit it to OFSI by 15 October 2021 using the template provided.
Financial Sanctions Notice: Frozen Assets Reporting 2021
Reporting template
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