By Christopher David and David Horn ( August 9, 2017, 11:46 AM EDT) -- On March 31, 2016, the Office of Financial Sanctions Implementation ("OFSI") was established within HM Treasury ("HMT"). At the time of the OFSI's creation George Osborne, the then Chancellor of the Exchequer, said, "Financial sanctions are a hugely important foreign policy and national security tool. Their effective implementation and enforcement are vital to their success. The OFSI will be a centre of excellence for financial sanctions, raising awareness and providing clear guidance to promote compliance with financial sanctions, providing a professional service to the public and industry, and working closely with other parts of government to ensure that sanctions breaches are rapidly detected and effectively addressed." But what does this mean in practical terms and what are the potential implications for companies which are now subject to the jurisdiction of the OFSI?...