OFSI has published its annual report for the year 2023/2024.
The report provides the following data:
2021/22 – 147 investigations opened (and 101 closed);
2022/23 – 473 investigations opened (and 74 closed); and
2023/34 – 396 investigations opened (and 242 closed).
Of the 396 investigations opened in 2023/24, 288 were as a result of self-reporting with 108 opened through pro-active investigation or other means.
Further, OFSI's report gives a break down of which sanctions regimes the investigations relate to:
- 347 to Russian sanctions;
- 21 to Libyan sanctions;
- 9 to Iran sanctions; and
- 19 across the other regimes.
The report also gives a break down of the 242 investigations closed during the year of the report:
- 133 closed with a finding of no breach and sending a "No Further Action" letter;
- 18 closed with a finding there was a breach and sending a "Warning" letter;
- 1 closed with a finding of a breach and a referral to a regulator;
- 1 closed with an OFSI public disclosure;
- 61 closed without a final determination that there was a breach and sending a "No Further Action" letter; and
- 28 investigations closed for "Other" reasons.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
