Individuals and entities targeted by a sanctions regime are often referred to as “listed” or “designated.” Since those designations are made in numerous statutory instruments pertaining to numerous sanctions regimes, the Office of Financial Sanctions Implementation (OFSI) maintains lists to help individuals and businesses identify financial sanctions targets before engaging in any business with them. In line with EU guidance, OFSI considers that if more than 50% of an entity is owned by a designated person, financial sanctions will apply to that entity as well.
Where the sanction at issue is an asset freeze, as is most often the case, transactions with listed individuals and entities are generally prohibited. However, the nature of the restriction is governed by the relevant statutory instrument, which even in the case of asset freezes, is not identical across statutes. Accordingly, the restrictions and conditions set out in the relevant statutory instrument must be considered whenever there is a “hit” on one of the sanctions lists described in more detail below.
The Consolidated List
The OFSI maintains a consolidated list of financial sanctions targets. This list contains all entities and individuals that have been designated by the UN, the EU, and/or the UK under specific financial sanctions legislation. The consolidated list is available here.
Other Lists Maintained by OFSI
OFSI also maintains a list of entities subject to restrictive measures in view of Russia’s actions destabilizing the situation in Ukraine, which includes a list of entities subject to specific capital market restrictions, available here. These entities do not appear in OFSI’s consolidated list.
Banned Organizations under the Terrorism Act 2000
An organization may be proscribed (“banned”) under the UK Terrorism Act 2000 if the Home Secretary believes it is involved in terrorism and it is proportionate to do so. The list of proscribed organizations, which is not included in OFSI’s consolidated list, can be found here.