Last week, the Office of Financial Sanctions Implementation (OFSI) launched new guidance to cover questions relevant to those importing and exporting goods and services, particularly for those operating where financial sanctions are in force. Link here: OFSI Import/Export FAQs
This guidance should be read alongside the OFSI’s Financial Sanctions Guidance. Link here: OFSI General Guidance
The guidance considers various types of sanctions, including arms embargoes, trade sanctions and financial sanctions detailing what actions are taken in respect of each type sanction.
The guidance covers various areas of frequently asked questions, including:
- General questions about financial sanctions
- Consideration of financial sanctions when importing to or exporting from the UK
- Dealings with designated persons
- Licensing
- Requirements for OFSI licences
- Timings for OFSI licences
- Financial sanctions along the export chain
- Considerations for shippers
- Application of sanctions to port or landings fees/import and export agents
- Financial sanctions, breaches and penalties
- Action to take if in breach of financial sanctions
- Potential risks and red flags
- Helpful sources of information
