OFSI has published its annual report for the year 2023/2024.
The report provides the following data:
2021/22 – 147 investigations opened (and 101 closed);
2022/23 – 473 investigations opened (and 74 closed); and
2023/24 – 396 investigations opened (and 242 closed).
Of the 396 investigations opened in 2023/24, 288 were as a result of self-reporting with 108 opened through pro-active investigation or other means.
Further, OFSI’s report gives a break down of which sanctions regimes the investigations relate to:
- 347 to Russian sanctions;
- 21 to Libyan sanctions;
- 9 to Iran sanctions; and
- 19 across the other regimes.
The report also gives a break down of the 242 investigations closed during the year of the report:
- 133 closed with a finding of no breach and sending a “No Further Action” letter;
- 18 closed with a finding there was a breach and sending a “Warning” letter;
- 1 closed with a finding of a breach and a referral to a regulator;
- 1 closed with an OFSI public disclosure;
- 61 closed without a final determination that there was a breach and sending a “No Further Action” letter; and
- 28 investigations closed for “Other” reasons.