Office of Financial Sanctions Implementation. As part of the 2015 summer budget, the UK government launched in April 2016 OFSI, as part of UK HM Treasury. George Osborne, UK Chancellor, said that OFSI will “provide a high quality service to the private sector, working closely with law enforcement to help ensure that financial sanctions are properly understood, implemented and enforced.” It is not clear yet whether OFSI will have the authority to impose fines or penalties, like OFAC. Under current UK sanctions measures, breach of the measures can only be addressed by the initiation of a criminal prosecution. The UK courts are then able to impose prison sentences of up to 2 years and/or unlimited fines for breach of financial sanctions measures.
OSCE: Organization for Security and Co-operation in Europe. With 57 States from Europe, Central Asia and North America, the OSCE is the world’s largest regional security organization. The OSCE has a comprehensive approach to security that encompasses politico-military, economic and environmental, and human aspects. It therefore addresses a wide range of security-related concerns, including arms control, confidence- and security-building measures, human rights, national minorities, democratization, policing strategies, counter-terrorism and economic and environmental activities. All 57 participating States enjoy equal status, and decisions are taken by consensus on a politically, but not legally binding basis. The OSCE traces its origins to the détente phase of the early 1970s, when the Conference on Security and Co-operation in Europe (CSCE) was created to serve as a multilateral forum for dialogue and negotiation between East and West.

« Back to Glossary Index