OFSI
OFSIAlso called office of Financial Sanctions Implementation
OFSI, the Office of Financial Sanctions Implementation, is part of HM Treasury. It implements and enforces UK financial sanctions, issues licences, publishes guidance and imposes civil monetary penalties for breaches. Since 28 January 2026 firms screen against the UK Sanctions List, which replaced the OFSI Consolidated List as the single source of UK designations.
How it works
When the UK designates a person, firms must freeze their funds and economic resources and stop making funds available to them. Firms report frozen assets and suspected breaches to OFSI. They apply to OFSI for licences to release funds for permitted purposes, such as basic needs or legal fees.
OFSI can impose civil penalties on a strict liability basis, so it does not need to show a firm knew it was breaching sanctions. It refers serious cases for criminal prosecution. In February 2026 it issued revised enforcement guidance with a settlement scheme and a new discount for voluntary disclosure and cooperation.
The rules
Gave HM Treasury, through OFSI, the power to impose civil monetary penalties for financial sanctions breaches.
Anyone breaching UK financial sanctionsProvides the legal framework for UK sanctions regulations, under which OFSI implements financial sanctions.
UK persons and conduct in the UKRemoved the knowledge test, allowing OFSI to impose civil penalties on a strict liability basis.
Anyone breaching UK financial sanctionsIntroduced a revised case assessment framework, a settlement scheme and a voluntary disclosure and cooperation discount.
Firms and individuals subject to UK financial sanctionsCommon questions
What does OFSI do?
OFSI implements and enforces UK financial sanctions. It maintains guidance, licenses otherwise prohibited activity, receives reports of frozen assets and breaches, imposes civil monetary penalties and refers serious cases for criminal investigation.
Is the OFSI Consolidated List still used?
No. On 28 January 2026 the OFSI Consolidated List closed and the UK Sanctions List became the only official source of UK designations. Firms that pulled data or group IDs from the OFSI list had to switch to the UK Sanctions List.
Can OFSI fine a firm that did not know about a breach?
Yes. Since June 2022 OFSI can impose civil penalties on a strict liability basis. It no longer needs to show the firm knew or had reasonable cause to suspect a breach.
