OFSI General Licences

The Office of Financial Sanctions Implementation, OFSI, of the HM Treasury has issued a new General License (INT/2023/2589788) in connection with the sanction measures imposed on the Russian Federation (SI 2019/855). Specifically, the Office is authorizing the provision of trust services for 90 days following the designation of a person or entity to whom such services are provided so as to enable trust service providers to wind-down their activities. Correspondingly, the Office is authorizing financial institutions to process any financial transactions in accordance with the beforementioned permission.
The license also requires the reporting of any activities under the license which must include the following – as quoted:
1. Details of the Designated Persons
2. Details of any Participants to the Trust who are:
– Owned or controlled by a Designated Person in accordance with regulation 7 of the Russia Regulations; or
– Not owned or controlled by a Designated Person in accordance with regulation 7 of the Russia Regulations but provide Trust Services to or for the benefit of a Designated Person.
3. Value and type of any assets dealt with pursuant to the activity undertaken; and
4. Details of the activity undertaken pursuant to this licence, including but not limited to the Trust Services provided, and in respect of any payments made:
– The date payment was made;
– The amount of the payment;
– The reason for the payment; and
– The payment route used.