Frozen assets reporting 2019 deadline: 11 October 2019

The Gambling Commission has announced on its website the launch of the annual Frozen Assets Review that is conducted each year by HM Treasury in order to update its records to reflect any changes to accounts during the reporting period. Further information is contained in OFSI’s “Frozen Assets Reporting (2019)” Financial Sanctions Notice, that can be downloaded below.

As part of this review, the Treasury requires all persons that hold or control funds or economic resources belonging to a designated person (i.e. an individual, entity or body, listed under EU or UK legislation as being subject to financial sanctions), to complete the prescribed reporting form (the template for which is accessible here) and submit it to the Office of Financial Sanctions Implementation (OFSI) by Friday 11 October 2019.

The Commission’s announcement (that can also be downloaded below) reads as follows:

HM Treasury has launched its annual Frozen Assets Review on GOV.UK.

As in previous years, all individuals, organisations and businesses (including gambling operators) holding frozen assets will have until Friday 11 October 2019 to submit their report to the Treasury’s Office of Financial Sanctions Implementation (OFSI). Reports should include the value of all such assets as of close of business on Monday 30 September 2019. If you do not hold frozen assets there is no need to submit a nil return to OFSI, except in cases where assets were reported last year and are no longer held.

The Gambling Commission recognises the importance of the Frozen Assets Review as a way to ensure financial sanctions remain an effective foreign policy and national security tool, and urges operators to make any relevant submissions in good time for the Friday 11 October 2019 deadline.

All completed reports for 2019’s Frozen Assets Review should be emailed to [email protected] using the template on the GOV.UK website.

Any queries should also be directed to [email protected].

Download article PDF: OFSI Frozen Assets Reporting (2019)
Download article PDF: GC - Frozen assets reporting 2019