Writing in NLJ this week, Benjamin Wells of Belgravia Law warns that exposure extends beyond named parties to witnesses, experts, funders, banks and corporate ownership structures. Screening must continue throughout a case, while overlapping UK, EU and US regimes require separate consideration.
Legal services licences have limits, and specific OFSI applications may take weeks or months. Even licensed payments can stall when banks refuse to process them, making agreed settlement mechanics and willing payment providers crucial.
Frozen assets complicate enforcement, litigation funding and security for costs. Sanctions can also affect contractual obligations: RTI v MUR Shipping confirmed that reasonable endeavours did not require accepting an alternative, non-contractual payment method.
Wells urges practitioners to integrate compliance ‘from the first client meeting’. Clear records, realistic licensing timetables and advance checks on funding and recovery can prevent costly disruption later on.
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