June 1, 2023

OFSI announces trust services sanctions blog

On May 30, 2023, the Office of Financial Sanctions Implementation announced that it created a trust services blog that aims to provide the public with clarity on questions that the office encounters related to trust services-related sanctions, including limits on persons connected with Russia who are prohibited from accessing several UK trust services.  The guidance provided in the blog is based upon information that OFSI obtained from interactions with more than 500 stakeholders and international partners, including Crown Dependencies and Overseas Territories.  OFSI reports that the blog is intended to provide general direction on trust services sanctions issues, but not legal advice, and covers a variety of topics, including when and where trust services sanctions apply, key exceptions to sanctions requirements, and license-related issues.

UK Government Announcement