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OFSO has published its Annual Report for 2024-2025.
This includes the following figures:
- 57 "enforcement actions" which includes fines, disclosures, warning letters and referrals to regulators;
- 2 fines during the period (there have been more since), although it adds that "many cases under active investigation are expected to come to decision points in 2025-2026";
- As at April 2025 OFSI had 240 "active cases under investigation";
- Of the 394 new cases in 2024-2025, 180 were not the result of a
self report (i.e. these cases were the result of pro-active
investigation).
- Of these 394, most were in the financial services sector (142), with the legal sector providing the next most (46);
- Very few investigations concerned either manufacturing (8) or the maritime sector (7)
- 329 of the new cases concerned the UK's Russian sanctions;
- OFSI closed 214 cases during the annual period.
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.
