Regulatory Insights on Sanctions and Export Controls | United Kingdom, June 2025 Edition
The UK's Office of Financial Sanctions Implementation (OFSI) has recently unveiled a new video guidance series titled "Financial Sanctions: The Basics," aimed at providing accessible, practical help on compliance with UK financial sanctions. The series, released on June 4, 2025, offers introductory and bite-sized guidance targeted at the financial industry and other businesses to help them understand and adhere to financial sanctions requirements.
The video series covers essential topics such as OFSI's overall guidance on financial sanctions, effective sanctions screening, the process for reporting suspected breaches, and the use of general and specific licences within the sanctions framework. This new video guidance is part of OFSI's broader effort to raise awareness and support sectors that may be less familiar with sanctions compliance, aligning with the UK government's commitment to strengthening sanctions enforcement and implementation across industries.
In addition to the video series, OFSI has published a report under the UK-EU Security and Defence Partnership, although specific details have not been disclosed. The Public Interest Disclosure Order 2014 has been amended to cover matters related to sanctions, and HM Treasury has been added as a prescribed person to whom whistleblowing disclosures can be made in relation to financial sanctions.
The amended General Licence INT/2023/3263556, which allows payments and other activities related to insolvency proceedings associated with GTLK Europe and GTLK Capital and their subsidiaries, is also in effect. Furthermore, the Public Interest Disclosure (Prescribed Persons) (Amendment) Order 2025, effective from June 26, 2025, expands matters that can be disclosed to the secretaries of state for Business and Trade, Transport, and HM Treasury to include sanctions.
Art market participants (AMPs) and high value dealers (HDVs) are expected to begin reporting high-value goods which are also frozen assets, following the introduction of reporting obligations. These sectors, along with all sizes of AMPs and HDVs, must comply with existing anti-money laundering regulations in addition to the newly introduced financial sanctions reporting obligations.
For more information on the threat assessment and new reporting obligations, stakeholders can refer to OFSI's guidance and webinar. The government's guidance page also provides further details on how the changes apply in relation to trade sanctions. The UK and EU have also agreed to continue cooperating and exploring opportunities to collaborate further on sanctions policy, with a particular focus on regions including Ukraine, the wider Eastern European Neighbourhood, the Black Sea, the Western Balkans, the Arctic, the Middle East, and Africa.
The Regulatory Outlook series by our firm name's updated Regulatory Outlook provides high-level summaries of important forthcoming regulatory developments to help in-house lawyers, compliance professionals, and directors navigate the fast-moving business compliance landscape in the UK. This series serves as a valuable resource for staying informed about the latest regulatory changes and their implications for businesses operating in the UK.
- The new video guidance series by OFSI, titled "Financial Sanctions: The Basics," specifically targets businesses within the financial industry, banking-and-insurance sector, and other related industries, offering practical help on compliance with UK financial sanctions.
- The amended General Licence INT/2023/3263556 allows for activities related to insolvency proceedings associated with GTLK Europe and GTLK Capital, and their subsidiaries, in the banking-and-insurance sector and other relevant industries.
