The U.K. Office of Financial Sanctions Implementation recently issued a notice to remind the public that it is in the process of conducting its annual frozen assets review. Individuals and entities that hold or control funds or economic resources linked to a designated person are required to report the funds to OFSI no later than November 30, 2025. The reports should include the details of all assets frozen in the United Kingdom and overseas that are subject to U.K. financial sanctions regulations, including the value of these assets as of close of business September 30, 2025. Reporting individuals and entities should also provide the GBP of shares, securities, or other debt or payment instruments in their reports. OFSI emphasized that persons who no longer hold or control frozen assets are not required to file a nil return to OFSI unless they submitted a report last year. According to OFSI, only persons who submitted a report last year and no longer hold or control frozen funds are advised to submit a nil report to OFSI. A general description of what should be included in the 2025 report can be found in the Annex to the Financial Sanctions Notice.
OFSI Financial Sanctions Notice – Frozen Assets Reporting (2025)