Office of Financial Sanctions Implementation

Treasury written question – answered on 3rd October 2019.

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Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Chancellor of the Exchequer, what licences have been granted by the Office of Financial Sanctions Implementation with regard to transactions between (a) the UK Government and (b) UK companies and the Iranian Ministry of Defence (MODSAF); and what criteria are used by the Office of Financial Sanctions Implementation when granting such an application.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

As the competent authority for the implementation of financial sanctions in the UK, the Office of Financial Sanctions Implementation (OFSI), which is part of HM Treasury, ensures that financial sanctions are properly understood and enforced. A key function of this role is implementing a licensing regime.

OFSI does not publish the details of individual licences granted.

OFSI can only issue licences where there are specific and relevant licensing grounds enabling us to do so, and where the conditions in those grounds have been met. The available grounds can be found in the legislation underpinning each particular financial sanctions regime.

Each licence application requires OFSI to consider the relevant evidence, which it does on a case by case basis before deciding whether to grant a licence.

Further details regarding OFSI’s licensing process can be found in OFSI’s published guidance at the following link:

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