UK Offers Sanctions Guidance for Use of the Term 'Domiciled'
The U.K. issued new sanctions guidance this week to help clarify how it uses the term “domiciled” when determining if an entity is located in a restricted country. In new FAQ 153, the Office of Financial Sanctions Implementation said it uses the term “domiciled” on a case-by-case basis, and it’s usually to examine an entity’s “place of incorporation and constitution, as we consider this to represent a substantial connection between the entity and a given jurisdiction.”
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But OFSI said it also may take into account the location of the entity’s registered office, its controlling shareholders or directors, its “central management or control,” or its primary business operations, “taking a balanced view of the facts of a case.” The agency also considers “the domicile of a subsidiary company to be independent to the domicile of its parent company,” it said. “We recommend that you seek legal advice when forming an assessment of an entity’s domicile.”