Changes to sanctions legislation introduced through the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 and FAQs updated On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument introduces numerous changes to improve OFSIâs intelligence on industryâs compliance, strengthen OFSIâs enforcement powers, enable OFSI to deal with licensing applications more efficiently, and clarify financial sanctions legislation where there is existing uncertainty. All measures except for one will come into force on 5 December 2024. The extension of reporting obligations to high value dealers, art market participants, letting agents and insolvency practitioners will come into force on 14 May 2025. Our Frequently asked questions page has been updated from 125-131 to clarify the use of regulatory payments exceptions. Click here to view. Please click below to read our blog post for a full list of changes. | 