08 September 2020
Solicitors who are holding monies belonging to a client that is subject to financial sanctions have until 16 October to submit a report to the Office of Financial Sanctions Implementation (OFSI)
They can check the HM Treasury Consolidated List of asset freeze targets at bit.ly/35f98dg.
Juliet Oliver, General Counsel at the Solicitors Regulation Authority, said: ‘Solicitors should be aware of their obligations under financial sanctions legislation and 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.’
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