The United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and Office of Financial Sanctions Implementation (OFSI) have announced they will change the structure and format of the UK Sanctions List and OFSI’s Consolidated List in February 2022.
In light of the announcement, companies should familiarise themselves with the updated guidance to understand what changes are to be made to these lists, and prepare themselves accordingly. Where companies are using automated sanctions screening software, or contemplating software updates, they should take steps now to ensure that the software is compatible with the new format of the lists.
TRANSITION PERIOD
There will be a three-week period before the formal changeover in February 2022 where companies will be able to view both the old and new formats of the list simultaneously. This period should be used to prepare for the formal changeover, before the old formats of the UK Sanctions List and OFSI Consolidated List are retired.
[View source.]
