UK to Move to Single Sanctions List Next Year
The U.K.'s Office of Financial Sanctions Implementation will move to a single list for all sanctions designations starting Jan. 28, the agency announced this week.
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U.K. designations are currently detailed in two lists: the U.K. Sanctions List, published by the Foreign, Commonwealth and Development Office, and the Consolidated List of Asset Freeze Targets, published by the country's treasury agency. Beginning at the end of January, the country said it will use only the U.K. Sanctions List.
The U.K. said it's making the change after hearing from industry earlier this year that a "single list will remove duplication of effort and simplify checks of who is subject to UK sanctions." Users of the lists need to make sure their systems that reference the OFSI Consolidated List for sanctions screening purposes are instead using the data from the U.K. Sanctions List.
"You should not wait to begin this process and can make adaptations immediately," OFSI said. "If you use a specialist screener or other third-party providers, you should speak to your supplier to understand the impact, if any, on data you receive."