Financial Crime World

Financial Sanctions and Embargoes in US Virgin Islands: A Comprehensive Guide

Introduction

The Office of Financial Sanctions Implementation (OFSI) has made available a Consolidated List that includes individuals and entities subject to financial sanctions in the UK. This list is accessible on the GOV.UK website and serves as a valuable resource for businesses and individuals looking to comply with financial regulations.

Changes to the Consolidated List

Following the UK’s exit from the European Union, the Consolidated List has undergone significant changes. The list no longer includes EU designations but instead features information from the UK Sanctions List, which covers all financial sanctions made under the Sanctions Anti-Money Laundering Act regulations. This includes asset freeze designations in the UK.

Separate List of Entities

OFSI also maintains a separate list of entities subject to specific capital market restrictions, which can be found on its website. This list is an essential resource for businesses and individuals looking to comply with financial regulations in the US Virgin Islands.

Benefits of the Consolidated List

The OFSI consolidated list now offers a search function, allowing users to easily locate asset freeze targets based on identifying information from their listing. This feature makes it easier for businesses and individuals to stay compliant with financial regulations.

Staying Up-to-Date

The Office of Financial Sanctions Implementation provides updates to the Consolidated List as a courtesy to Designated Non-Financial Businesses and Professions, in line with its supervisory remit. For access to the most recent list, click here.

Key Takeaways

  • The OFSI consolidated list is a valuable resource for businesses and individuals looking to comply with financial regulations.
  • The list has undergone changes following the UK’s exit from the European Union.
  • A separate list of entities subject to specific capital market restrictions is available on the OFS website.
  • The Consolidated List now offers a search function, making it easier to locate asset freeze targets.