COVID-19 business practice

OFSI recognises that the current circumstances of the coronavirus (COVID-19) pandemic create additional challenges for businesses and individuals, in terms of changing working practices and resource implications.

Compliance

OFSI continues to carry out enforcement work, in order to meet its objectives to ensure that financial sanctions are properly understood, implemented and enforced in the UK. However, we will extend timescales for responses to information requests as appropriate, so please do tell us if COVID-19 is affecting your ability to respond to us. We will communicate solely by email and do not require wet signatures on correspondence. If possible, please avoid sending hard copies of documents.

In line with our published guidance, we continue to assess compliance cases on a case by case basis, considering all relevant factors. Companies are still required to report potential, suspected or actual breaches to OFSI as soon as possible, via the OFSI mailbox (ofsi@hmtreasury.gov.uk). Further information and guidance is available on our website.

Licensing

Please note that regulations contain licensing grounds under which applications for unfreezing or making available certain frozen funds or economic resources can be considered, as well as exemptions permitting activity in some circumstances. Further information regarding exemptions and licensing can be found in Chapter 6 of OFSI’s General Guidance on pages 23-30. The requirement to seek a licence to access or make available frozen funds or economic resources has not changed. It may be an offence if frozen funds or economic resources are dealt with or made available to, or for the benefit of, a designated person without a licence from OFSI. Please apply using the form on GOV.UK and send relevant documents by email where possible.

If you have any questions about this email, please contact us using the link below.