Latest news with #OFSI
Yahoo
10 hours ago
- Business
- Yahoo
UK Says Crypto Sector Likely Under Reporting Sanction Breaches
Crypto companies in the U.K. have almost certainly been under-reporting breaches of financial sanctions since as far back as 2022, the Office of Financial Sanctions Implementation (OFSI) said in a Monday report, as the nation imposed more sanctions on Russia. The report, which is a sanctions threat assessment focused entirely on crypto, said most of the non-compliance by U.K. crypto firms was likely to be inadvertent and resulted from exposure to a named, or designated, person. Exposure could be both direct, in which there is a clear link to the person's wallet address, or indirect, where the crypto's origin has been obscured. Crypto firms have been obligated to report to OFSI when they suspect a breach of sanctions since August 2022. Since January 2022, over 7% of all suspected breaches reported to OFSI have involved crypto-asset firms, the report said. OFSI was established in 2016 to ensure sanctions are enforced. There are currently 55 crypto firms registered with the Financial Conduct Authority as part of the country's anti-money laundering regulations. The report didn't say how many of the companies had filed reports with OFSI. After the invasion of Ukraine in February 2022, many countries imposed financial sanctions on Russia, and concerns arose that crypto was being used to circumvent restrictions. The U.K., U.S. and European Union have made it clear that sanction rules extend to crypto. The report also detailed that U.K. crypto firms face a high risk of being targeted by North Korean hackers, many of which operate on behalf of sanctioned entities.
Telegraph
28-06-2025
- Business
- Telegraph
British firms being investigated for ‘helping Iran'
A number of British businesses are being investigated by the Government for potentially evading sanctions against Iran's nuclear programme, it has been reported. The Treasury has identified nine suspected breaches of Britain's rigid sanctions regime against the country. The sanctions are intended to discourage Iran's nuclear weapons programme and punish the country for violations of human rights and hostile actions against allies of the UK, such as Israel. The Office for Financial Sanctions Implementation, part of the Treasury, revealed in its annual review this week that it had opened the investigations. It did not name the companies or individuals under suspicion or investigation. The firms are understood to be under suspicion of avoiding sanctions to assist Iran with its nuclear weapons programme. A Government spokesman said: 'We are committed to ensuring that sanctions are robustly enforced, potential breaches investigated and appropriate action taken.' The OFSI does not comment on specific active cases. The Government currently sanctions around 200 organisations and individuals based in or linked to Iran because of alleged involvement in the country's nuclear weapons programme. Last year, it said it was prepared to trigger 'snapback' sanctions against Iran over nuclear deal breaches. David Lammy, the Foreign Secretary, said he would trigger a new round of sanctions against the Islamic Republic to prevent it from developing nuclear weapons. The UK remains a participant of the 2015 Joint Comprehensive Plan of Action, known as the Iran nuclear deal, and can therefore unilaterally force a return to sanctions if it considers that Iran has violated the terms of the deal. The nuclear deal was significantly weakened by the US withdrawal in 2018 under the first Donald Trump administration, although major signatories, including the UK, France and Germany, remain committed in theory. Last week, Mr Trump approved US strikes on some of Iran's most heavily fortified nuclear enrichment facilities. It followed a series of smaller strikes by Israel in the preceding days, launched by Benjamin Netanyahu, the Israeli prime minister, after he claimed that Iran had enough highly enriched uranium to produce nine atomic bombs. Sir Keir Starmer has repeatedly said that Iran ' can never have a nuclear weapon ' but called for de-escalation in the war between Iran and Israel, which lasted for 12 days before a ceasefire was brokered. The Prime Minister is understood to have received an hour's notice from the White House before the US strikes on Iran took place. The British Government quickly made clear that it had played no role in the operation.
The Hindu
11-06-2025
- Health
- The Hindu
Free mental health support for LGBTQIA+ individuals and their family members in Madurai
To promote mental well being and create a safe space for LGBTQIA+ individuals, their friends, and family members, the Transgender Resource Centre in Madurai, in collaboration with the Omega Forum for Social Impact (OFSI), has been offering free mental health consultations from 2 p.m. to 5 p.m. every Thursday. The initiative, which began a month ago, has so far supported close to 18 individuals, with around 15 attending in person and three opting for phone-based sessions. Most of those who have sought help fall between the ages of 20 and 30. The counselling sessions are conducted by a psychological counsellor on the centre's premises . The centre offers both individual and group counselling formats, with follow up sessions arranged based on the needs of each individual. Interns associated with the centre are also eligible to avail of the service. S. Shalini, Project Manager at the Transgender Resource Centre, highlighted the prevalence of suicidal tendencies within the LGBTQIA+ community and stressed the importance of accessible mental health support. She noted that individuals who have participated in the sessions have shown visible improvement in emotional stability, with many overcoming suicidal thoughts. Common concerns raised during sessions include relationship issues, family rejection, emotional indecision, fear, confusion about identity and future, lack of peace, and insomnia. The centre encourages individuals struggling with such challenges to fix an appointment and access the free counselling services. Funded by OFSI, the programme is currently in its early phase. Plans are underway to expand its reach, particularly to rural areas. 'We hope to raise awareness by putting up posters near Primary Health Centres (PHCs) so that people in remote locations can also benefit,' said Ms. Shalini. She further emphasised the need to introduce gender related studies in schools and colleges and to sensitise teachers, which she believes will foster greater societal understanding and inclusion. Those interested in availing the counselling can visit the centre at 5, E2, E2 Street, Chinnachokkikulam, Madurai – 625002, or call 9360730317 / 9965140064 for appointments and information. (Assistance for overcoming suicidal thoughts is available on the State's health helpline 104, Tele-MANAS 14416, Sneha's suicide prevention helpline 044-24640050 and Speak2Us mental health helpline 9375493754.)
Yahoo
21-03-2025
- Business
- Yahoo
British government now holds $32.3 billion in frozen Russian assets
March 21 (UPI) -- The British government said Friday it holds $32.3 billion in frozen Russian assets, according to an Office of Financial Sanctions Implementation report. The OFSI report said the figure "includes the value of funds frozen in the U.K. as well as overseas where those funds or economic resources are subject to U.K. financial sanctions legislation." The amount has gone up by 10% in a year. "The U.K. has frozen $32 billion worth of Russian assets and working with our allies, we have deprived Russian of over $400 billion the equivalent to four years of Russia's military spending. We will continue to robustly enforce our financial sanctions as part of our wider response to Russia's barbaric invasion of Ukraine," British Economic Secretary to the Treasury Emma Reynolds said in a statement Europe has frozen roughly $216.5 billion in Russian assets as calls mount for that frozen money to be used to support Ukraine. The immobilized funds are held in Belgium by Euroclear. Belgian Prime Minister Bart De Wever told reporters Thursday evening that using frozen Russian assets for Ukraine would amount to "an act of war." In October Britain loaned Ukraine $3 billion from frozen Russian assets. In December the United States loaned Ukraine $20 billion funded by frozen Russian assets. Then-Treasury Secretary Janet Yellen said in a statement the money "will provide Ukraine a critical infusion of support as it defends its country against an unprovoked war of aggression."
Yahoo
21-03-2025
- Business
- Yahoo
£25bn Russian assets frozen by UK since start of Ukraine war, Treasury says
Some £25 billion worth of Russian assets have been frozen by the UK Government since the start of the Ukraine war, newly-released figures have revealed. A report released by the Treasury on Friday revealed the total, which accounts for all assets that have been sanctioned by the UK since February 2022 when the invasion of Ukraine began. Some 2,001 individuals and entities have been sanctioned under the regime as of March 2024, according to the Treasury. The Government department was keen to stress the impact its sanctions, as well as those of the UK's allies, were having on Russia's economy. Treasury minister Emma Hardy said: 'The UK has frozen £25 billion worth of Russian assets and working with our allies, we have deprived Russian of over 400 billion US dollars, the equivalent to four years of Russia's military spending. 'We will continue to robustly enforce our financial sanctions as part of our wider response to Russia's barbaric invasion of Ukraine.' The Treasury data comes from the Office of Financial Sanctions Implementation's (OFSI) latest annual review. Alongside tallying the total worth of sanctions, OFSI's review said it has taken steps to 'effectively drive compliance of UK financial sanctions' over the past year. It has also expanded sanctions enforcement in a bid to prevent illicit finances from slipping through the net. While figures connected to Vladimir Putin's regime have been prevented from accessing their cash and property by the sanctions, the UK and other Western nations are yet take control of assets. The seizure of assets has long been discussed as a means of paying for military aid to Ukraine, as well as rebuilding the war-torn country once fighting ceases.
