Also follows UK GC issued advice on frozen assets reporting 2019, re gambling sector.
All individuals, organizations and businesses (including gambling operators) holding frozen assets have until Oct. 11, 2019, to submit their report to the Treasury’s Office.
Reports must include value of all such assets as of close of business on Sep. 30 2019.
If an organization does not hold frozen assets there is no need to submit a nil return to OFSI, except in cases where assets were reported last year and are no longer held.
Sep. 2020 Update for 2020 Report
On Sep. 3, 2020, UK OFSI issued guidance notice for the annual frozen asset reporting exercise 2020, related reporting form, noting submission deadline of Oct. 16, 2020.
Report must include value of all such assets as at close of business on Sep. 30, 2020.
If an organization does not hold frozen assets there is no need to submit a nil return to OFSI, except in cases where assets were reported last year and are no longer held.
Guidance reminds of penalties for non-compliance including criminal, civil sanctions.
Sep. 2021 Annual Asset Exercise
On Sep. 6, 2021, UK Treasury published guidance notice for the annual frozen asset reporting exercise 2021 and the associated reporting form to be submitted to OFSI.
Report must include details of funds/economic resources frozen in the UK and abroad where such funds/economic resources are subject to UK financial sanctions legislation.
Guidance reminds of penalties for non-compliance including criminal, civil sanctions.
The form must be submitted to the OFSI by Oct. 15, 2021.
Sep. 2022 Frozen Assets Reporting 2022
On Sep. 2, 2022, UK OFSI issued an updated financial sanctions notice for frozen assets reporting (2022), with guidance to meet the Nov. 11, 2022 reporting deadline.
UK Treasury requests all persons that hold/control funds/economic resources belonging to, owned, held, controlled by a designated person, to provide a report to UK OFSI.
Must include details of all funds/economic resources frozen in the UK and overseas where these funds or economic resources are subject to UK financial sanctions law.
Report must include value of all such assets as at close of business on Sep. 30, 2022.
UK OFSI included a form template; no need to provide a nil return if funds/economic resources belonging to, owned, held, controlled by a designated person are not held.
Regarding ongoing compliance, separate to the above, funds must on an ongoing basis check whether they hold/control funds/economic resources belonging to, owned, held, or controlled by persons listed on UK Treasury consolidated list of asset freeze targets.
If yes, freeze such funds/economic resources; do not deal with them or make funds or economic resources available to/for benefit of such persons unless licensed by OFSI.
Must report any findings to OFSI, together with any additional information that would facilitate compliance with the legislation; and provide any information concerning the frozen funds or economic resources of designated persons that OFSI may request.
Information sent to OFSI may be passed to other regulatory authorities, law enforcers.
Document dated Sep. 2, 2022, was added on Sep. 22, 2022, due to a client request.
Oct. 2022 Reporting Template
On Oct. 27, 2022, UK OFSI, UK Treasury updated the frozen assets reporting template.
Sep. 2023 Notice and Template Updated
On Sep. 7, 2023, UK OFSI updated frozen assets reporting notice, reporting template.
As part of an annual review to update records to reflect changes to assets in the reporting period, UK Treasury request that a report is provided with details of assets.
If you possess this information or have previously reported frozen assets, you are requested to complete such a report and submit it to OFSI by Nov. 10, 2023.
Report to OFSI must include the value of all such assets as at COB on Sep. 29, 2023.
Returns need to be made in the form of a completed template.
Sep. 2024 New Template Added
On Sep. 11, 2024, UK OFSI amended the body text to reflect current date; in addition, a new financial sanctions notice and frozen assets reporting template is added.
Persons that hold or control funds or economic resources belonging to a designated person are required to complete the form and submit it to UK OFSI by Nov. 11, 2024.
