OFAC and OFSI Release Comparative Sanctions Guidance

This guidance is especially welcome given the increasing divergence between the US and UK sanctions regimes, in circumstances where both often apply to our clients and their operations.  Its purpose is to provide a general overview of the regimes, to compare their key aspects and highlight similarities and differences.

The guidance describes:

• core terminology, types, lists, programs/regimes, and jurisdiction;
• what enforcement frameworks apply for breaches;
• prohibited activities, and where those may be permitted (e.g. exceptions and under licence);
• record-keeping and reporting requirements; and
• guidance materials to aid understanding.

OFSI’s accompanying blog post discusses a number of areas of potential collaboration between the authorities, as well as the importance of properly assessing and mitigating the disruptive effect of sanctions on those that are not their targets.

Please see here for the full guidance and here for OFSI’s blog post.

Maples Group has significant experience in advising on Cayman Islands, BVI, and European Union sanctions law, including but not limited to risk assessment, upstream and downstream asset freezing measures, and specific licence applications. Please reach out if we can be of assistance.