On 10th October, the UK government announced the launch of the Office of Trade Sanctions Implementation (OTSI), within the Department for Business and Trade.
This new sanctions body has been established to strengthen the enforcement of trade sanctions and support businesses with compliance. It is part of the government’s commitment to strengthening sanctions implementation and enforcement to maximise the effectiveness of the UK’s sanctions regimes.
Complementing HMRC’s trade sanctions enforcement role at the UK border, OTSI has new civil enforcement powers in relation to services as well as movement of goods across third country borders, where there is a UK nexus. Financial services firms, money services businesses and legal service providers are now required to report suspected breaches of relevant trade sanctions to OTSI.
OTSI aims to support businesses properly understand and comply with UK trade sanctions through engagement and providing user friendly guidance. OTSI is also now the licensing body for the provision of services that are not ancillary to the movement of goods.
To find out more about OTSI, to apply for a services sanctions licence and to report a breach, visit OTSI’s website on www.gov.uk/otsi
For more information about OTSI, view the press release