Solicitors have until Friday 11 October 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.
HM Treasury has given anyone who is holding frozen assets as until 11 October 2019 to submit a report to the Office of Financial Sanctions Implementation (OFSI).
Sanctions are an important foreign policy and national security tool and solicitors should be aware of their ongoing responsibilities. The profession needs to comply with financial sanctions in place in the UK and to report frozen assets and other relevant information to OFSI immediately.
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.”