header-logo header-logo

Beware sanctions-busting clients

14 October 2019
Issue: 7859 / Categories: Legal News , Regulatory , Banking , Fraud , Criminal , Profession , Legal services
printer mail-detail
Solicitors have until the end of this week to comply with financial sanctions rules on frozen assets.

HM Treasury has given anyone who is holding frozen assets until 11 October to submit a report to the Office of Financial Sanctions Implementation (OFSI). The Solicitors Regulation Authority (SRA) this week urged solicitors to check the latest HM Treasury Consolidated List of asset freeze targets to make sure they are not holding monies belonging to a client that is subject to financial sanctions.

Juliet Oliver, SRA General Counsel, said: ‘Solicitors are rightly being asked to make sure they are not helping anyone with dubious funding streams.

‘This risk exists for every single solicitor and law firm, whether conveyancing on the high street or handling global transactions. We would urge all of you to look at the review and, if a client is listed and you hold any of their assets, make a report as necessary.’

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
In this week's NLJ, Steven Ball of Red Lion Chambers unpacks how advances in forensic science finally unmasked Ryland Headley, jailed in 2025 for the 1967 rape and murder of 75-year-old Louisa Dunne. Preserved swabs and palm prints lay dormant for decades until DNA-17 profiling produced a billion-to-one match
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
back-to-top-scroll