The Solicitors Regulation Authority (SRA) has reminded solicitors that they have just over a month 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 until 15 October to submit a report to the Office of Financial Sanctions Implementation (OFSI).
The authority stated that 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, general counsel, SRA, 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.
“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.”