Solicitors must check the latest treasury list of frozen assets and report by 16 October if they are holding client monies subject to financial sanctions
The Solicitors Regulation Authority (SRA) has issued its annual reminder to solicitors to check the HM Treasury Consolidated List of asset freeze targets in case a client is listed, in which case they are then required to submit a report to the Office of Financial Sanctions Implementation (OFSI).
Sanctions are an important foreign policy and national security tool.
The treasury requires anyone holding or controlling funds or economic resources belonging to a designated person to report to the OFSI.
The SRA said the profession must comply with finan...
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