Seven Takeaway Points From OFSI's Annual Review 2020-2021

On 14 October 2021, the Office of Financial Sanctions Implementation ("OFSI") published its annual review for the financial year 2020-2021 (the "Annual Review"). Under the leadership of its new Director, Giles Thomson, appointed in November 2020, it has been a busy year for OFSI. This was in large part due to the implementation of the UK's autonomous sanctions regime as the Brexit Transition Period came to an end on 31 December 2020. For further information on the introduction of the UK's autonomous anti-corruption sanctions regime, please see our client alert.

We highlight the following key takeaway points from the Annual Review, which will be of interest to those in the UK private sector, as well as international players with business activities that have a UK nexus: