In the United Kingdom, the Office of Financial Sanctions Implementation (OFSI) was established to ‘…ensure that financial sanctions are properly understood, implemented and enforced’ in the jurisdiction. The statutory basis of the UK sanctions’ regime includes the Sanctions and Anti-Money Laundering Act 2018, the Counter Terrorism Act 2008 and the Anti-Terrorism, Crime and Security Act 2001. Since the start of the war in Ukraine the UK government has introduced further targeted sanctions under the provisions of Economic Crime (Transparency and Enforcement) Act 2022.
In the United States, the Office of Foreign Assets Control (OFAC), is responsible for administering and enforcing economic sanctions against targeted countries, entities, and individuals. OFAC’s regulations provide detailed guidance on how to comply with sanctions laws and regulations, including instructions on identifying and blocking the assets of sanctioned entities and individuals.
In the European Union, the European External Action Service (EEAS), is responsible for implementing the EU’s Common Foreign and Security Policy, including its sanctions regime. The EEAS provides guidance and support to EU member states and businesses on how to comply with EU sanctions laws and regulations.