You can bet your bottom dollar that Forest will get away with it, same as Watford getting round their transfer embargo by taking loan players from sister clubs.
I would like to think that FFP will be enforced but I don't have much faith in the FL.
Watford had a transfer embargo, which they managed to wriggle around. It doesn't mean you can't get transfers but that they have to seek permission from the Football League. Whether that also applies to the Premier League, I don't know?
I'm not sure how accurate Ninja Elephant has been in the past.
http://www.northstandchat.com/showthread.php?288178-Apostolos-Vellios-Everton-striker-aged-21