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HM Treasury launch Frozen Assets Review

Tuesday 05 September 2017

Estate agents are being urged to check the HM Treasury Frozen Assets Review to make sure they are not holding monies belonging to a client that is subject to financial sanctions.

HM Treasury launched their annual Frozen Assets Review on Monday 4 September 2017, which allows the Treasury to update their records to reflect any changes to these assets during the reporting period. 

Last month we notified members that financial sanctions enforcement powers had been extended to include estate agents - you can read the full article here - and as of 8 August 2017, agents now have an obligation to report sanctions-related information to the Treasury’s Office of Financial Sanctions Implementation (OFSI).

Any agent who discovers they are holding assets belonging to someone listed in the Review should report this to the Treasury immediately. All checks needs to be made by Friday 13 October 2017, with reports sent directly to OFSI.

Email your completed reports to ofsi@hmtreasury.gsi.gov.uk using the respective reporting form.

For more information, please see OFSI’s guide to financial sanctions.