The Office of Financial Sanctions Implementation (OFSI) has published new guidance on financial and trade sanctions for importers and exporters.
OFSI have just produced their latest sector-specific fact sheet for importers and exporters, having worked closely with the import and export sector, as well as the Department for International Trade, to answer several FAQs.
Rena Lalgie, director of OFSI, said:
We want UK businesses to succeed globally with an understanding of what it means to comply with their sanctions obligations. This supports our aim of encouraging economic growth while enforcing our national security objectives. Our latest guidance clarifies what exporters need to consider to manage their financial sanctions risk.
Chris Chew, Head of Policy, Export Control Joint Unit, said:
Just as trade and finance go hand in hand so do trade sanctions and financial sanctions. I welcome the publication of this guidance which gives important information for importers and exporters on compliance with financial sanctions.
Further information
This guidance includes:
- the difference between trade and financial sanctions
- how to find out who is subject to financial sanctions
- when to apply for an OFSI licence as well as an export control licence
- what to do if you suspect a breach
You can view the Importers and Exporters FAQs online. Please read them alongside our general guidance for further clarification.
