Holding Client Money Subject To Financial Sanctions?
Risk management and compliance consultancy service provider, Legal Eye has urged solicitors to act now if they are holding client money on account that is subject to financial sanctions.
Legal professionals have until tomorrow (11th October) to check the latest HM Treasury consolidated list of asset freeze targets to make sure lawyers are not holding monies belonging to a client that is subject to financial sanctions.
HM Treasury has given legal firms who are holding frozen assets until Friday 11th October to complete and submit a report to the Office of Financial Sanctions Implementation (OFSI).
The Solicitors Regulation Authority have warned that:
“sanctions are an important foreign policy and national security tool and solicitors should be aware of their ongoing responsibilities.”
Consequently, the legal professional must report all frozen assets and other applicable details 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.”