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What must a UK business do when it identifies a sanctions target?

It must freeze the funds or economic resources without delay, make no funds or resources available to or for the benefit of the designated person, and report the finding to the Office of Financial Sanctions Implementation. A licence from OFSI is needed before any payment or release. The prohibitions apply to all persons in the United Kingdom and to UK persons anywhere, and breach is a criminal offence that can also bring a civil monetary penalty on a strict liability basis.

Dela sidan

Source

Source
Sanctions and Anti-Money Laundering Act 2018, sections 1 to 3 and 143 to 146
Source
legislation.gov.uk
Area
Financial crime and integrity
Checked
2026-09-22
Open the official text ↗

Questions

What is the adequate procedures defence under the Bribery Act?Bribery Act 2010, sections 7 and 9Which UK businesses must publish a modern slavery statement?Modern Slavery Act 2015, section 54Is corporate hospitality a bribe under the Bribery Act 2010?Bribery Act 2010, sections 1 to 6What are the penalties under the Bribery Act 2010?Bribery Act 2010, sections 7 and 11What customer due diligence must a UK regulated firm carry out?Money Laundering Regulations 2017, regulations 27 to 31When is enhanced due diligence required in the UK?Money Laundering Regulations 2017, regulations 33 to 35Who supervises UK businesses for money laundering compliance?Money Laundering Regulations 2017, regulations 7, 21 and 56When must a UK business file a suspicious activity report?Proceeds of Crime Act 2002, sections 330 to 332How long must a UK business wait after asking for consent to proceed?Proceeds of Crime Act 2002, sections 335 and 336AWhat is the tipping off offence in the UK?Proceeds of Crime Act 2002, sections 333A to 333DWhat must a UK modern slavery statement contain?Modern Slavery Act 2015, section 54(5)

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