Changes to sanctions legislation introduced through the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 and FAQs updated

On 14 November 2024, the UK government introduced the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 in Parliament. This legislation enhances the capabilities of the Office of Financial Sanctions Implementation (OFSI) by refining compliance monitoring, strengthening enforcement powers, streamlining licensing procedures, and addressing ambiguities in existing financial sanctions laws.

Most provisions will come into effect on 5 December 2024, with one key exception. The extension of reporting obligations to high-value dealers, art market participants, letting agents, and insolvency practitioners is set to commence on 14 May 2025.

Additionally, OFSI has updated its Frequently Asked Questions (FAQs) to provide clarity on regulatory payments exceptions, with modifications to questions 125–131.

For a comprehensive breakdown of the changes, read the full press release here.