US Publishes Text of Sanctions Cooperation MOU With UK
The Office of Foreign Assets Control this week published a memorandum of understanding with the U.K.’s Office of Financial Sanctions Implementation that the two agencies are using to share information about national security threats and collaborate on sanctions enforcement and compliance. The memorandum, dated October 2024, builds on a partnership the two sides started in 2022, which has included swapping officials as part of an employee embed program, working together on sanctions guidance and better harmonizing their designations (see 2411190025 and 2311170038).
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The document includes sections on how employees from both agencies should communicate and share sensitive information, and it says each side should designate a “coordinator” to serve as the point of contact for information requests. It also says both OFAC and OFSI may hold meetings to “review the functioning and effectiveness” of the memorandum.
Either side can suspend the memorandum at any time or terminate it by giving the other side at least 30 days' notice.