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The Department of Business and Trade has issued a press release confirming that the new Office of Trade Sanctions Implementation is now functional, as of 10th October 2024.
The new office sits within the DBT.
Whereas HMRC regulates Sanctions relating to the export of goods across UK borders, the OTSI has been established to both regulate and support the complex area of trade sanctions compliance as a working practice for UK businesses involved in the trade in professional services.
Their regulatory influence reaches beyond UK borders to UK businesses and UK traders abroad, not just based and working from the UK
OTSI is afforded its regulatory powers through the implementation of The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (link below).
The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (legislation.gov.uk)
Further detailed information can be found in the S&H Spotlight Article, published in September:
A Spotlight On: How suspected breaches of trade sanctions are assessed by the Office of Trade Sanctions Implementation (OTSI)
A link to the OTSI website with OTSI contact links is below:
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