On 28 January 2026, OFSI announced (see here) strengthened multi agency efforts to counter the abuse of cryptoassets for sanctions evasion and related money laundering activities, highlighting increasing operational coordination across the UK enforcement landscape. Multi-agency enforcement through the Crypto Cash Fusion Cell As part of these efforts, OFSI is working with the Crypto Cash Fusion Cell (“CCFC”), a pilot multi‑agency initiative bringing together the National Crime Agency (“NCA”), the Metropolitan Police Service, His Majesty’s…
On 23 January 2026, the European Commission released new FAQ guidance providing clarifications for operators navigating the EU’s expanding Russia sanctions framework. Notably, the European Commission updated their Consolidated FAQs on Sanctions against Russia and Belarus (the “FAQs”, accessible here) with guidance on the Nord Stream transaction ban and the EU’s 19th sanctions package, summarized below. I. Clarifications on the Nord Stream Transaction Ban (Article 5af, Regulation 833/2014) The EU has published dedicated FAQs interpreting…
On 15 October 2025, the UK Office of Financial Sanctions Implementation (“OFSI”) published its 2024-2025 annual review (see here). The report summarises OFSI’s activities for the 2024-2025 financial year and explains that the authority’s work has been centred around three pillars: compliance, capability, and enforcement. We have summarised below some of the key points highlighted in the report. Investigations and Enforcement Licensing Threat Assessment Reports International Collaboration Legislative Enhancements Looking Ahead: Strategy Refresh and 10-Year Anniversary
On 13 October 2025, the Office of Trade Sanctions Implementation (“OTSI”) published a blog post highlighting a recent case involving suspected breach reports from a UK branch of a multinational bank, under the Russia (Sanctions) (EU Exit) Regulations 2019. OTSI’s blog post notes that the UK branch of the bank identified payments linked to the trade of sanctioned goods from Russia to a third country, between April and June 2025. The blog post notes that…