Head of UK's Sanctions Implementation Calls for Cooperation
After taking charge of its own financial sanctions regime after leaving the European Union, the United Kingdom will look to deepen engagement with the U.S., the EU and other close allies to bolster the effectiveness of its now-autonomous sanctions authorities. In a Feb. 4 blog post, the new head of the Office of Financial Sanctions Implementation, Giles Thomson, discussed how greater collaboration with key stakeholders in the public and private sectors will be key to ensure improved compliance. In the spirit of this renewed sense of public-private camaraderie, Thomson announced a targeted outreach on licensing in the spring to focus on the additions and applications OFSI is making.
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Thomson, who took over OFSI in November 2020, already has an idea as to the scope and goal of his mission as head of sanctions implementation. “Sanctions are generally most effective when implemented multilaterally by as many countries as possible,” he said. “It also makes complying with them more straightforward. But that is not always possible. Where it is in the UK’s interest to diverge from partners on sanctions, I see it as part of OFSI’s role to explain that divergence to stakeholders and help them manage it as effectively as possible.”