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

Birketts—trainee cohort

Birketts—trainee cohort

Firm welcomes new cohort of 29 trainee solicitors for 2025

Keoghs—four appointments

Keoghs—four appointments

Four partner hires expand legal expertise in Scotland and Northern Ireland

Brabners—Ben Lamb

Brabners—Ben Lamb

Real estate team in Yorkshire welcomes new partner

NEWS
Robert Taylor of 360 Law Services warns in this week's NLJ that adoption of artificial intelligence (AI) risks entrenching disadvantage for SME law firms, unless tools are tailored to their needs
From oligarchs to cosmetic clinics, strategic lawsuits against public participation (SLAPPs) target journalists, activists and ordinary citizens with intimidating legal tactics. Writing in NLJ this week, Sadie Whittam of Lancaster University explores the weaponisation of litigation to silence critics
Delays and dysfunction continue to mount in the county court, as revealed in a scathing Justice Committee report and under discussion this week by NLJ columnist Professor Dominic Regan of City Law School. Bulk claims—especially from private parking firms—are overwhelming the system, with 8,000 cases filed weekly
Writing in NLJ this week, Thomas Rothwell and Kavish Shah of Falcon Chambers unpack the surprise inclusion of a ban on upwards-only rent reviews in the English Devolution and Community Empowerment Bill
Charles Pigott of Mills & Reeve charts the turbulent progress of the Employment Rights Bill through the House of Lords, in this week's NLJ
back-to-top-scroll